Once again, there are seven tax brackets: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. They're marginal brackets, which means different portions of your income will be taxed at different rates.
The lowest rate of 10% applies to single taxpayers who make $9,950 or less, or married couples who earn under $19,900.
If you make more than that, any income up to $40,525 for singles and $81,050 for married couples will be taxed at 12 percent. After that, the rate is 22% for singles earning up to $86,375 and married couples who earn $172,750.
The next bracket is 24% for single earners of up to $164,925 and married couples earning up to $329,850. A 32% rate applies to singles with income up to $209,425 and married couples who earn up to $418,850.
After that a 35% rate will hit single taxpayers who earn up to $523,600 and couples who make up to $628,000. Those lucky enough to earn more than that will get hit with a 37% tax rate.
Compared to 2020, next year's tax rates will jump about 1%.
Additional details can be found on the IRS website.
SEE ALSO:
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Tax season may cost you next year if you're receiving unemployment
Payroll tax suspension to start in September could increase employee take-home pay
Many employees' take-home pay to increase next month
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