Taxpayers with outstanding tax debts may be subject to a levy on assets and income sources. A levy can be enforced through wage garnishment, by taking money in a bank account or other financial account, or by seizure of the taxpayer’s property. The IRS just issued an updated 2020 levy exemption table, which is used to calculate the amount that is exempt from levy. The amount is based on an individual’s standard deduction (which depends on filing status) the frequency of pay periods (such as weekly, semi-monthly, or other) and the number of dependents claimed. Here’s the table: http://bit.ly/36b5X3w
