What is your income tax bracket for 2018? Today, we listed down all the tax brackets for singles, heads of household, and married couples to help you out. With the new tax reform laws looming, it’s important to know where you stand in the tax bracket, and how much you’ll have to pay in taxes for this year. Read on for more information about your tax brackets.
Income Tax Bracket | Where Do You Stand?
In this article:
Defining Tax Brackets
A tax bracket, a.k.a. marginal tax rates, tell taxpayers how much they’ll pay in taxes to the IRS for every dollar they earn. For example, your income falls within the 25% income tax bracket for your filing status. However, this doesn’t mean you give the IRS 25% of your entire income. What this means is you pay 10% on some portions of your income, 15% on another portion, and 25% when your income reaches a certain threshold.
Find out your income tax bracket and how much you’ll be paying in taxes for 2018 on the list below:
2018 Tax Brackets
What The 2018 Tax Brackets, Standard Deductions And More Look Like Under Tax Reform via @forbes https://t.co/QwX6JdJxAa
— Cherie Mason (@CMason0928) February 8, 2018
Here are the tax brackets divided into filing groups: single, heads of household, married couples filing jointly, and married couples filing separately. Look for your income tax bracket using the CTRL+F / CMD+F function on your browser.
Single Filers
- 10%
- Taxable income: $0-$9,525
- 10% of taxable income
- 15%
- Taxable income: $9,525-$38,700
- $952.50 + 15% of the amount over $9,525
- 25%
- Taxable income: $38,700-$93,700
- $5,328.75 + 25% of the amount over $38,700
- 28%
- Taxable income: $93,700-$195,450
- $19,078.75 + 28% of the amount over $93,700
- 33%
- Taxable income: $195,450-$424,950
- $47,568.75 + 33% of the amount over $195,450
- 35%
- Taxable income: $424,950-$426,700
- $123,303.75 + 35% of the amount over $424,950
- 39.6%
- Taxable income: Over $426,700
- $123,916.25 + 39.6% of the amount over $426,700
Heads of Household
- 10%
- Taxable income: $0-$13,600
- 10% of taxable income
- 15%
- Taxable income: $13,600-$51,850
- $1,360 + 15% of the amount over $13,600
- 25%
- Taxable income: $51,850-$133,850
- $7,097 + 25% of the amount over $51,850
- 28%
- Taxable income: $133,850-$216,700
- $27,597.50 + 28% of amount over $133,850
- 33%
- Taxable income: $216,700-$424,950
- $50,795.50 + 33% of the amount over $216,700
- 35%
- Taxable income: $424,950-$453,350
- $119,518 + 35% of the amount over $424,950
- 39.6%
- Taxable income: Over $453,350
- $129,458 + 39.6% of the amount over $453,350
Married Couples Filing Jointly
- 10%
- Taxable income: $0-$19,050
- 10% of taxable income
- 15%
- Taxable income: $19,050-$77,400
- $1,905 + 15% of the amount over $19,050
- 25%
- Taxable income: $77,400-$156,150
- $10,657.50 + 25% of the amount over $77,400
- 28%
- Taxable income: $156,150-$237,950
- $30,345 + 28% of the amount over $156,150
- 33%
- Taxable income: $237,950-$424,950
- $53,249 + 33% of the amount over $237,950
- 35%
- Taxable income: $424,950-$480,050
- $114,959 + 35% of the amount over $424,950
- 39.6%
- Taxable income: Over $480,050
- $134,244 + 39.6% of the amount over $480,050
Married Couples Filing Separately
- 10%
- Taxable income: $0-$9,525
- 10% of your taxable income
- 15%
- Taxable income: $9,525-$38,700
- $952.50 + 15% of the amount over $9,525
- 25%
- Taxable income: $38,700-$78,075
- $5,328.25 + 25% of the amount over $38,700
- 28%
- Taxable income: $78,075-$118,975
- $15,182.50 + 28% of the amount over $78,075
- 33%
- Taxable income: $118,975-$212,475
- $26,264.50 + 33% of the amount over $118,975
- 35%
- Taxable income: $212,475-$240,025
- $57,479.50 + 35% of the amount over $212,475
- 39.6%
- Taxable income: over $240,025
- $67,122 + 39.6% of the amount over $240,025
Deductions and Exemptions
2018 brings slightly higher deductions than in 2017. The purpose of these deductions is to lower the amount of income to be considered taxable. Taxpayers who do not itemize their tax deductions may claim them.
- Single filers: $6,500
- Heads of household: $9,550
- Married filing jointly: $13,000
- Married filing separately: $6,500
Here are some tips on how to take advantage of the 2018 tax laws from Fox News:
Now you know the changes in the income tax bracket for 2018, you can start preparing for your filings next year. Remember to always itemize your receipts and ensure your deductions are organized to avoid any hassles when filing your taxes. Have a great and profitable fiscal year, everyone!
Want to know which tax bracket you belong to? Ask us in the comments section below!