21 Jan 2020 This percent is the rate at which your income within that bracket will be taxed. Note that these IRS income tax brackets only apply to federal taxes; check with based on your personal situation to avoid a potential IRS tax audit. Home mortgage interest deduction; Contributions to IRA and SEP retirement Each month, the IRS provides various prescribed rates for federal income tax purposes. These rates, known as Applicable Federal Rates (or AFRs), are regularly published as revenue rulings. The list below presents the revenue rulings containing these AFRs in reverse chronological order, starting with January 2000.. Enter a term in the Find Box. Tax Brackets and Tax Rates. There are seven (7) tax rates in 2020. They are: 10%, 12%, 22%, 24%, 32%, 35% and 37% (there is also a zero rate). Here's how those break out by filing status: