Your taxable income
= Gross Income – Standard Deduction – Total Exemptions
Standard deduction amounts
| Filing status | 2020 tax year | 2021 tax year |
|---|---|---|
| Single | $12,200 | $12,400 |
| Married, filing jointly | $24,400 | $24,800 |
| Married, filing separately | $12,200 | $12,400 |
| Head of household (HH) | $18,350 | $18,650 |
The standard deduction is $1,300 higher for those who are over 65 or blind; it’s $1,650 higher if also unmarried and not a surviving spouse.
Federal income tax brackets
| Tax Rate | Unmarried Individuals, with taxable income over | Married Individuals filing joint returns, with taxable income over | Head of Households, with taxable income over |
|---|---|---|---|
| 10% | $0 | $0 | $0 |
| 12% | $9,700 | $19,400 | $13,850 |
| 22% | $39,475 | $79,950 | $52,850 |
| 24% | $84,200 | $168,400 | $84,200 |
| 32% | $160,725 | $321,450 | $160,700 |
| 35% | $204,100 | $408,200 | $204,100 |
| 37% | $510,300 | $612,350 | $510,300 |
The standard deduction is $1,300 higher for those who are over 65 or blind; it’s $1,650 higher if also unmarried and not a surviving spouse.
Other credits
Child Tax Credit up to 16: $2,000
Personal exemptions: $500
College Tuition Credit: $2,000