What is the current federal income tax rate?

The current federal income tax rate in the state of Florida is a progressive tax system. This means that the rate of tax you pay is based on your income level. The amount you pay in federal income tax is determined by a tax rate schedule with seven different tax brackets. Depending on your income level, you may fall into one of these seven brackets and be subject to a federal income tax rate of 10%, 12%, 22%, 24%, 32%, 35%, or 37%. In 2020, a single taxpayer in Florida will pay 10% in federal income tax on taxable income up to $9,875. This increases to 12% on taxable income from $9,875 to $40,125. For taxable income between $40,125 and $85,525, the federal income tax rate is 22%. The rate increases to 24% on taxable income between $85,525 and $163,300. Between $163,300 and $207,350, the rate is 32%; between $207,350 and $518,400, it is 35%, and the highest rate of 37% applies to taxable incomes over $518,400. Taxpayers in Florida are also subject to the Social Security and Medicare taxes which are both a flat rate of 6.20% on the first $132,900 of earned income in 2020. Together with the federal income tax, this means that the total federal tax rate for an individual in Florida can range from 16.20% to 43.40%, depending on their income level.

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What is the current federal income tax rate?

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