The income tax rate brackets for individuals are an essential component in determining an individual’s tax liability. $80,689.50 + 37% of the amount over $300,000Ģ018 Head of Household Income Tax Rates If taxable income is: $161,379 + 37% of the amount over $600,000Ģ018 Married Filing Separate Income Tax Rates If taxable income is: The 2018 Income Tax Rates are as follows:Ģ018 Single Individuals Income Tax Rates If taxable income is: The changes to the income tax brackets will lower tax rates at many income levels. Under the Act, the new tax rates will be 10%, 12%, 22%, 24%, 32%, 35% and 37%, with the maximum 37% rate applying to taxable income exceeding $600,000 for married taxpayers ($500,000 for single taxpayers). In 2017, the tax rate brackets were 10%, 15%, 25%, 28%, 33%, 35% and 39.6%, with the maximum 39.6% rate applying to taxable income exceeding $470,700 for married taxpayers ($418,400 for single taxpayers). As many of you know, the Act’s income tax changes for individuals included, but were not limited to, reducing individual income tax rates, suspending personal exemptions, and increasing the standard deduction. The Tax Cuts and Jobs Act of 2017 (the “Act”) introduced a new temporary tax rate bracket structure for individuals for taxable years beginning in 2018 and ending in 2025. Our first alert identifies and explains the new temporary tax rate bracket structure for individuals starting this year, 2018 and ending in 2025. Over the next several weeks we will be focusing on individual aspects of the new tax act in a more in depth manner to help our clients understand how the new law might affect them. ![]() Taxation Blog Individual Income Tax Rate Structure For 2018-2025 Janu| by Gary Botwinick, Matthew Rheingold Assisted Living/Senior Residential Legal Issues.Individual Income Tax Rate Structure For 2018-2025 - Einhorn Barbarito
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