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Tax Brackets Info Graphic

Tax Brackets Info Graphic

Article Date February 2018

Taxpayers should know how new tax laws will impact their filings for 2018:

  • Significant changes have been made to Tax Brackets, though there remain only seven categories.
  • At the top rate, there is a decrease from 39.6 percent to 37 percent.
  • At the bottom rate, the 10 percent will account for twice the income allowed under previous plans.
  • Standard Deduction amounts have increased to $12,000 is single and $24,000 is couples filing jointly.
  • Personal Exemption has been eliminated.
  • Child Tax Credit has increased to $2,000, with $1,400 designated as refundable; phase out amounts stand at $400,000 (couples) and $200,000 singles.
  • Itemized Deductions at the state and local levels are capped at $10,000.

FEDERAL TAX BRACKETS

Filing Category: SINGLE
Tax bracket Amount range

  • 10% $9,525 (maximum)
  • 12% $9,526 to $38,700
  • 22% $38,701 to $82,500
  • 24% $82,501 to $157,500
  • 32% $157,501 to $200,000
  • 35% $200,001 to $500,000
  • 37% $500,001 or more

Filing Category: HEAD OF HOUSEHOLD
Tax bracket Amount range

  • 10% $13,600 (maximum)
  • 12% $13,601 to $51,800
  • 22% $51,801 to $82,500
  • 24% $82,501 to $157,500
  • 32% $157,501 to $200,000
  • 35% $200,001 to $500,000
  • 37% $500,001 or more

Filing Category: MARRIED FILING JOINTLY or QUALIFIED WIDOW
Tax bracket Amount range

  • 10% $19,050 (maximum)
  • 12% $19,051 to $77,400
  • 22% $77,401 to $165,000
  • 24% $165,001 to $315,000
  • 32% $315,001 to $400,000
  • 35% $400,001 to $600,000
  • 37% $600,001 or more

Filing Category: MARRIED FILING SEPERATELY
Tax bracket Amount range

  • 10% $9,525 (maximum)
  • 12% $9,526 to $38,700
  • 22% $38,701 to $82,500
  • 24% $82,501 to $157,000
  • 32% $157,501 to $200,000
  • 35% $200,001 to $300,000
  • 37% $300,001 or more

Sources: Forbes.com, Bankrate.com, TaxFoundation.org




Investment advisory services offered through Global Financial Private Capital, LLC. This material is for informational purposes only. It is not intended to provide tax, accounting or legal advice or to serve as the basis for any financial decisions. Individuals are advised to consult with their own accountant and/or attorney regarding all tax, accounting and legal matters.

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