Here's what you need to know about the 2021 tax brackets and standard deduction

The IRS released the federal marginal tax rates and income brackets for 2021 on Monday. The seven tax rates remain unchanged, while the income limits have been adjusted for inflation.

The 2021 tax brackets affect the taxes that will be filed in 2022. These are the 2020 brackets.

Here are the new brackets for 2021, depending on your income and filing status.

For married individuals filing jointly:

• 10%: Taxable income up to $19,900
• 12%: Taxable income between $19,900 to $81,050
• 22%: Taxable income between $81,050 to $172,750
• 24%: Taxable income between $172,750 to $329,850
• 32%: Taxable income between $329,850 to $418,850
• 35%: Taxable income between $418,850 to $628,300
• 37%: Taxable income over $628,300

For individual single taxpayers:

• 10%: Taxable income up to $9,950
• 12%: Taxable income between $9,950 to $40,525
• 22%: Taxable income between $40,525 to $86,375
• 24%: Taxable income between $86,375 to $164,925
• 32% Taxable income between $164,925 to $209,425
• 35%: Taxable income between $209,425 to $523,600
• 37%: Taxable income over $523,600

These are the rates and income brackets for federal taxes. Your state may have different brackets, no taxes at all or a flat rate.

The above rates apply to taxable income, after the standard deduction (or itemized deductions) and other tax breaks have been taken. The IRS also announced that the standard deduction for tax year 2021 will increase by $300 to $25,100 for married couples filing jointly, and by $150 to $12,550 for single individuals and married individuals filing separately. For heads of households, the standard deduction will increase by $150 to $18,800.

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