In brief There are seven federal income-tax brackets with tax rates of 10%, 12%, 22%, 24%, 32%, 35% and 37%. Your tax rate is based on your taxable income, after benefits such as the standard ...

In this example, the total tax liability for an individual with $55,000 in taxable income is $7,716.90, resulting in an effective tax rate of about 14%. The 2021 Income Tax Brackets ...

While there are seven tax brackets for individual income and five filing statuses, corporate income is subject to a flat 21% tax rate. Remember, you won't be taxed on your full income.

2021 Tax Bracket Thresholds and Marginal Rates. ... The standard deduction for joint filers increases by $300 over 2020 levels to $25,100 in 2021. For individuals, it rises by $150 to $12,550.