What Is My Tax Bracket? 2020-2021 Federal Tax Brackets

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Surprises can be fun, but not when there’s an unexpected tax bill involved.

The IRS created tax brackets so people can estimate how much they’ll need to pay in taxes each year. Generally, as your income increases, the amount you pay in taxes will also rise.

Here are the tax brackets for tax years 2020 and 2021, and how you can calculate what bracket you’ll fall into.

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Original Article Source Credits:   Forbes , https://www.forbes.com/

Article Written By:  Ellen Chang,  Kemberley Washington

Original Article Posted on:  May 14, 2021

Link to Original Article:  https://www.forbes.com/advisor/taxes/taxes-federal-income-tax-bracket/

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