In 2021 standard deduction for single taxpayers will increase by $150 to $12,550, and standard deduction for married couples filing jointly will increase by $300 to $25,100.

There are seven tax brackets and for 2021 the tax rate for each bracket is: 10%, 12%, 22%, 24%, 32%, 35% and 37%.     

These brackets are marginal, which means that different portions of your income, up to a specified dollar amount, will be taxed at a different rate.

For 2021, the top tax rate of 37% will apply to individual taxpayers with income over $523,600 ($628,300 for married filing jointly).