What is the current federal income tax rate?

The current federal income tax rate is dependent on the amount of income one earns in a given year. For those who make an income of $0-$9,700, the rate is 10%. For incomes between $9,701- $39,475, the rate is 12%. For incomes between $39,476- $84,200, the rate is 22%. For incomes between $84,201- $160,725, the rate is 24%. For incomes between $160,726- $204,100, the rate is 32%. For incomes between $204,101 - $510,300, the rate is 35%. For incomes of $510,301 or higher, the rate is 37%. There are some special rules and deductions which may lower the amount of tax that must be paid, so it is always wise to consult with a tax professional or contact the Internal Revenue Service (IRS) for specific advice. In Virginia specifically, there is a state income tax rate of five points lower than the federal rate. However, the rules and regulations of Virginia’s income tax law are implemented and enforced by the Virginia Department of Taxation, who can answer specific questions.

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What is the current federal income tax rate?

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