Sunday, December 17, 2017

Tax Brackets for 2018

The only way you will really know what your taxes will be for 2018 is to look at the 2018 “Tax Table” to match your “Taxable Income” with the “Tax Owed” on the “Tax Table”. The same applies to the Child Tax Credit. Congress could eliminate the “drama” if it would just publish the 2018 “Tax Table” and Child Tax Credit table, but that isn’t the way Congress works.
You can read the 555 Page Bill on the website below to confirm that the changes that have been reported by the media actually exist.

Tax Cuts and Jobs Act 2018, Final Tax Bill Brackets12/16/17

The Standard Deduction is $12,000 for individuals and $24,000 for married couples. (Page 50). The 2018 Tax Brackets are on Pages 2-4.

UNMARRIED INDIVIDUALS OTHER 2 THAN SURVIVING SPOUSES AND HEADS OF 3 HOUSEHOLDS.—The following table shall be ap4 plied in lieu of the table contained in subsection 5 (c): ‘‘If taxable income is: The tax is:
Not over $9,525 - 10% of taxable income.
Over $9,525 but not over $38,700 - $952.50, plus 12% of the excess over $9,525.
Over $38,700 but not over $82,500 - $4,453.50, plus 22% of the excess over $38,700.
Over $82,500 but not over $157,500 - $14,089.50, plus 24% of the excess over $82,500.
Over $157,500 but not over $200,000 - $32,089.50, plus 32% of the excess over $157,500.
Over $200,000 but not over $500,000 - $45,689.50, plus 35% of the excess over $200,000.
Over $500,000 - $150,689.50, plus 37% of the excess over $500,000.

MARRIED INDIVIDUALS FILING JOINT 6 RETURNS AND SURVIVING SPOUSES.—The fol7 lowing table shall be applied in lieu of the table 8 contained in subsection (a): ‘‘If taxable income is: The tax is:
Not over $19,050 -10% of taxable income.
Over $19,050 but not over $77,400 - $1,905, plus 12% of the excess over $19,050.
Over $77,400 but not over $165,000 - $8,907, plus 22% of the excess over $77,400.
Over $165,000 but not over $315,000 -$28,179, plus 24% of the excess over $165,000.
Over $315,000 but not over $400,000 - $64,179, plus 32% of the excess over $315,000.
Over $400,000 but not over $600,000 - $91,379, plus 35% of the excess over $400,000.
Over $600,000 ........................................... $161,379, plus 37% of the excess over $600,000.

HEADS OF HOUSEHOLDS.—The following table shall be applied in lieu of the table 11 contained in subsection (b): ‘‘If taxable income is: The tax is:
Not over $13,600 - 10% of taxable income.
Over $13,600 but not over $51,800 - $1,360, plus 12% of the excess over $13,600.
Over $51,800 but not over $82,500 - $5,944, plus 22% of the excess over $51,800.
Over $82,500 but not over $157,500 - $12,698, plus 24% of the excess over $82,500.
Over $157,500 but not over $200,000 - $30,698, plus 32% of the excess over $157,500.
Over $200,000 but not over $500,000 - $44,298, plus 35% of the excess over $200,000.
Over $500,000 - $149,298, plus 37% of the excess over $500,000

MARRIED INDIVIDUALS FILING SEPARATE RETURNS.—The following table shall be applied in lieu of the table contained in subsection (d) ‘‘If taxable income is: The tax is:
Not over $9,525 - 10% of taxable income.
Over $9,525 but not over $38,700 - $952.50, plus 12% of the excess over $9,525.
Over $38,700 but not over $82,500 - $4,453.50, plus 22% of the excess over $38,700.
Over $82,500 but not over $157,500 - $14,089.50, plus 24% of the excess over $82,500.
Over $157,500 but not over $200,000 - $32,089.50, plus 32% of the excess over $157,500.
Over $200,000 but not over $300,000 - $45,689.50, plus 35% of the excess over $200,000.
Over $300,000 - $80,689.50, plus 37% of the excess over $300,000.



Norb Leahy, Dunwoody GA Tea Party Leader

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