New Income Tax Brackets for 2020
Be Wealthy & Smart
Linda P. Jones
4.8 • 883 Ratings
🗓️ 8 November 2019
⏱️ 12 minutes
🧾️ Download transcript
Summary
Learn what the inflation adjusted incomes are and tax brackets for 2020.
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Transcript
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| 0:00.0 | Be wealthy and smart, episode 639. |
| 0:03.0 | I'm gonna live no rich life. |
| 0:06.0 | Rich life. |
| 0:08.0 | Pull that best life. |
| 0:10.0 | If y'all know what I mean, put your hands up and declare with me |
| 0:13.8 | Yeah, I'm full of bed-time I'm gonna live a good life |
| 0:20.8 | I'm gonna live a good life |
| 0:21.4 | a beautiful and glorious life Step into a world of wealth and wealth and financial freedom without budgets, boredom or bosses on |
| 0:31.5 | be wealthy and Smart. And now here's your host, Linda P. Jones. |
| 0:37.0 | Welcome to Be Wealthy and Smart. I'm Linda P Jones, America's Wealth Mentor. |
| 0:42.0 | Empowering women and men worldwide to financial freedom. On today's show, |
| 0:46.3 | we're going to talk about the new income tax brackets for 2020. Yes, this information just came out breaking news and we have some new income tax |
| 0:58.2 | brackets, we have some new standard deductions and some other possible itemized deductions including the |
| 1:06.2 | mortgage interest deduction. |
| 1:07.9 | So we're going to cover what is new, what tax bracket you might find yourself in and have a little conversation about that. |
| 1:16.2 | This comes to us from CNBC.com and was written by Alicia Adam sick. |
| 1:22.1 | And it says the IRS released the federal tax rates and income brackets for 2020 on Wednesday. |
| 1:28.0 | The seven tax rates remain unchanged, while the income limits have been adjusted for inflation. |
| 1:34.7 | The tax rates in the US are marginal, meaning that different levels of the same person's |
| 1:39.4 | income are taxed at different rates. |
| 1:42.1 | If you and your spouse earn $80,000 in 2020 and are married |
| 1:46.1 | filing jointly for example, the first $19,750 of that will be taxed at 10% and the income over $19,750 will be taxed at 12%. |
... |
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