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Federal Tax Rates & Brackets
Chicagoland CPAs
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Marginal Thresholds:
- 37% applies to income over $640,600 (single filers) and $768,700 (married filing jointly);
- 35% over $256,225 / $512,450;
- 32% over $201,775 / $403,550;
- 24% over $105,700 / $211,400;
- 22% over $50,400 / $100,800;
- 12% over $12,400 / $24,800; and 10% below those thresholds.
Source: IRS tax year 2026 inflation adjustments
June 15, 2026, September 15, 2026, January 15, 2027
Quarterly Estimated Individual Taxes: Second, third, and fourth estimated tax payments for 2026 are due on these dates, respectively.
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Standard Deductions:
Standard Deductions:
- Single or married filing separately: $16,100;
- Married filing jointly: $32,200;
- Head of household: $24,150.
Source: IRS tax year 2026 inflation adjustments
Alternative Minimum Tax (AMT): 2026
High income earners must pay the higher of regular tax or the AMT. For 2026:
- AMT rates: 26% for income up to $244,500; 28% above that.
Exemption amounts: $90,100 (single), $140,200 (married filing jointly), beginning to phase out at $500,000 / $1,000,000 respectively.
Sources: IRS, Tax Foundation 2026 tax brackets
Illinois State Tax Rate for 2026
Illinois applies a flat individual income tax rate of 4.95%, with no progressive brackets. This simple structure gives residents straightforward, predictable tax filings. Illinois has no standard deduction; instead, each taxpayer, spouse and dependent receives a personal exemption of $2,925 for 2026.
- IRS tax year 2026 inflation adjustments: https://www.irs.gov/node/151941
- IRS estimated taxes: https://www.irs.gov/businesses/small-businesses-self-employed/estimated-taxes
- Tax Foundation 2026 tax brackets: https://taxfoundation.org/data/all/federal/2026-tax-brackets/
- Illinois Department of Revenue: https://tax.illinois.gov/
- GET IN TOUCH: https://cpa-in-chicago.com/contact/
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Summary Table - Tax Rates
Category | Rate / Amount |
Federal Rates | 10%, 12%, 22%, 24%, 32%, 35%, 37% |
Brackets | See detailed thresholds above |
Standard Deduction | $16.1K (single), $32.2K (married), $24.15K (HOH) |
AMT Rates | 26% / 28%, exemptions: $90.1K (single), $140.2K (married) |
Illinois Income Tax | Flat 4.95% |