Tax Brackets & Deductions

2021 Federal Tax Brackets for taxes

Tax rateSingleMarried, filing jointlyMarried, filing separatelyHead of household
10%$0 to $9,950$0 to $19,900$0 to $9,950$0 to $14,200
12%$9,951 to $40,525$19,901 to $81,050$9,951 to $40,525$14,201 to $54,200
22%$40,526 to $86,375$81,051 to $172,750$40,526 to $86,375$54,201 to $86,350
24%$86,376 to $164,925$172,751 to $329,850$86,376 to $164,925$86,351 to $164,900
32%$164,926 to $209,425$329,851 to $418,850$164,926 to $209,425$164,901 to $209,400
35%$209,426 to $523,600$418,851 to $628,300$209,426 to $523,600$209,401 to $523,600
37%$523,601 or more$628,301 or more$523,601 or more$523,601 or more

2021 Standard Tax Deductions

Filing StatusStandard Deduction
Single$12,550
Married Filing Jointly$25,100
Married Filing Separately$12,550
Head of Household$18,800
Qualifying Widow(er)$25,100

Long-term Capital Gains tax rates

Filing Status0% Rate15% Rate20% Rate 
Single or filing separateUp to $40,400$40,401 to $445,850Over $445,850 
Head of HouseholdUp to $54,100$54,101 to $473,750Over $473,750 
Married Filing JointUp to $80,800$80,801 to $501,600Over $501,600 

65 years and older - extra standard deduction

Each taxpayer who is at least 65 years old on the last day of the year will receive an extra $1,350 standard deduction ($2,700 for married couple)

Standard deduction for those who mark "dependent of another" box on their tax return

College students often file their taxes to get a refund of the federal and state taxes withheld shown in boxes 2 and 17 of their W-2. In order to maximize their Education Tax Credits (such as the American Opportunity Tax Credit), they often don’t make enough money on their own and need to allow their parents to claim them as a dependent on their tax return. The students then need to file their tax return and check the box “dependent of another” on their own tax return to get the refund of the amounts shown in boxes 2 and 17 of their W-2.

Their standard deduction will be their earned income amount +$350 up to a maximum of the same standard deduction for a single taxpayer of $12,550.

Non-Resident Aliens

Non-Resident Aliens must itemize their deductions. No standard deduction is given when checking the box “non-resident alien”