2019 Federal Income Tax Brackets

tax forms

Federal income tax brackets change every year so it’s good to know which tax bracket applies to you and for the current tax year. The charts below represent 2019 tax brackets for income received in 2019 and to be filed by April 15, 2020.

2019 Federal Income Tax Brackets

Tax RateSingleMarried, filing jointlyMarried, filing separatelyHead of Household
10%$0 – $9,700$0 – $19,400$0 – 9,700$0 – $13,850
12%$9,701 – $39,475$19,401 – $78,950$9,701 – $39,475$13,850 – $52,850
22%$39,476 – $84,200$78,951 – $168,400$39,476 – $84,200$52,851 – $84,200
24%$84,201 – $160,725$168,401 – $321,450$84,201 – $160,725$84,201 – $160,700
32%$160,726 – 204,100$321,451 – $408,200$160,726 – $204,100$160,701 – $204,100
35%$204,101 – $510,300$408,201 – $612,350$204,101 – $306,175$204,101 – $510,300
37%$510,301 or more$612,351 or more$306,176 or more$510,301 or more

How tax brackets work?

There are many factors that go into your final tax calculation such as your total taxable income, deductions and credits that are discussed here. You can use the table above to get a general idea of which tax bracket you’re in and estimate how much tax you are supposed to pay for tax year 2019. The calculation can get very complex but at it’s most basic level, the IRS divides your income into different brackets and taxes each bracket based on the tax rate for that bracket. Of course, it’s always best to seek the help of a tax professional.

business-man

EXAMPLE. Let’s assume a taxpayer, Michael, is single with no dependents other than himself. Michael has $50,000 of W-2 taxable income from his job. Michael files as a single filer and is therefore subject to the tax rates in the ‘Single’ column.

Let’s calculate his taxes based on the 2019 tax brackets above…

The first $9,700 of Michael’s income will be taxed at 10% so $970 ($9,700 x 10%).

The amount above $9,700 up to $39,475 will be taxed at 12% so $3,573 ([$39,475 – $9,700] x 12%).

Any amount above $39,475 up to $84,200 will be taxed at 22% but Michael’s taxable income is $50,000 so we’ll only include tax up to that amount, giving us $2,315.50 ([$50,000 – $39,475] x 22%).

Adding all of that up we get a total tax of $6,858.50 ($970 + $3,573 + $2,313.50)

In the example above, Michael would have to pay $6,858.50 in taxes on his $50,000 of taxable income. Because he is a W-2 employee, his employer most likely withheld taxes during the year. The amount of taxes withheld during the year will determine if Michael overpaid his taxes (refund) or underpaid (taxes owed).

If you have questions or would like to discuss tax or accounting matters with us, please email us at colin@horsfordcpa.com or call us at (347) 201-2045.

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