Use this package to figure the estimation of tax in 2020 TY.
Filing Status
Taxable Income
$
TY2020 estimated tax
$0.00
1. The tax bill will lower (many) individual rates: The bill preserves seven tax brackets, but changes the rates that apply to: 10%, 12%, 22%, 24%, 32%, 35% and 37%.
Here is how your income would apply to the new rates:
If taxable income is:
Then income tax equals:
Single Individuals
Not over $9,875
10% of the taxable income
Over $9,875 but not over $40,125
$987.50 plus 12% of the excess over $9,875
Over $40,125 but not over $85,525
$4,617.50 plus 22% of the excess over $40,125
Over $85,525 but not over $163,300
$14,605.50 plus 24% of the excess over $85,525
Over $163,300 but not over $207,350
$33,271.50 plus 32% of the excess over $163,300
Over $207,350 but not over $518,400
$47,367.50 plus 35% of the excess over $207,350
Over $518,400
$156,235 plus 37% of the excess over $518,400
Heads of Households
Not over $14,100
10% of the taxable income
Over $14,100 but not over $53,700
$1,410 plus 12% of the excess over $14,100
Over $53,700 but not over $85,500
$6,162 plus 22% of the excess over $53,700
Over $85,500 but not over $163,300
$13,158 plus 24% of the excess over $85,500
Over $163,300 but not over $207,350
$31,830 plus 32% of the excess over $163,300
Over $207,350 but not over $518,400
$45,926 plus 35% of the excess over $207,350
Over $518,400
$154,793.50 plus 37% of the excess over $518,400
Married Individuals Filing Joint Returns and Surviving Spouses
