Tax Brackets For 2021: Are You Withholding Enough?

If you are a W-2 employee, you can change the amount of your Federal withholding at any time to ensure you aren’t hit with a big tax bill when you file your return in April.

For anyone who does contract work and receives a 1099-NEC, that income is subject to a 15.3% self-employment tax + Federal withholding.

See the table below to determine your tax rate for Federal withholding.

RateFor Single IndividualsFor Married Individuals Filing Joint Returns
12%$9,951 to $40,525$19,901 to $81,050
22%$40,526 to $86,375$81,051 to $172,750
24%$86,376 to $164,925$172,751 to $329,850
32%$164,926 to $209,425$329,851 to $418,850