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2017 vs. 2018 Federal Income Tax Brackets

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2017 vs. 2018 Federal Income Tax Brackets

 

Single Taxpayers

2018 Tax Rates - Standard Deduction $12,0002017 Tax Rates - Standard Deduction $6,350
10%0 to $9,52510%0 to $9,325
12%$9,525 to $38,70015%$9,325 to $37,950
22%$38,700 to $82,50025%$37,950 to $91,900
24%$82,500 to $157,50028%$91,900 to $191,650
32%$157,500 to $200,00033%$191,650 to $416,700
35%$200,000 to $500,00035%$416,700 to $418,400
37%Over $500,00039.60%Over $418,400

 

Married Filing Jointly & Surviving Spouses
2018 Tax Rates - Standard Deduction $24,0002017 Tax Rates - Standard Deduction $12,700
10%0 to $19,05010%0 to $18,650
12%$19,050 to $77,40015%$18,650 to $75,900
22%$77,400 to $165,00025%$75,900 to $153,100
24%$165,000 to $315,00028%$153,100 to $233,350
32%$315,000 to $400,00033%$233,350 to $416,700
35%$400,000 to $600,00035%$416,700 to $470,700
37%Over $600,00039.60%Over $470,700

 

Married Filing Separately
2018 Tax Rates - Standard Deduction $12,0002017 Tax Rates - Standard Deduction $6,350
10%0 to $9,52510%0 to $9,325
12%$9,525 to $38,70015%$9,325 to $37,950
22%$38,700 to $82,50025%$37,950 to $76,550
24%$82,500 to $157,50028%$76,550 to $116,675
32%$157,500 to $200,00033%$116,675 to $208,350
35%$200,000 to $500,00035%$208,350 to $235,350
37%Over $500,00039.60%Over $235,350

 

Head of Household
2018 Tax Rates - Standard Deduction $18,0002017 Tax Rates  - Standard Deduction $9,350
10%0 to $13,60010%0 to $13,350
12%$13,600 to $51,80015%$13,350 to $50,800
22%$51,800 to $82,50025%$50,800 to $131,200
24%$82,500 to $157,50028%$131,200 to $212,500
32%$157,500 to $200,00033%$212,500 to $416,700
35%$200,000 to $500,00035%$416,700 to $444,500
37%Over $500,00039.60%Over $444,500

 

Estates & Trusts
2018 Tax Rates2017 Tax Rates
10%0 to $2,55015%0 to $2,550
24%$2,550 to $9,15025%$2,550 to $6,000
35%$9,150 to $12,50028%$6,000 to $9,150
37%Over $12,50033%$9,150 to $12,500
N/AN/A39.60%Over $12,500

 

FICA (Social Security & Medicare)
FICA Tax20182017
Social Security Tax Rate: Employers6.2%6.2%
Social Security Tax Rate: Employees6.2%6.2%
Social Security Tax Rate: Self-Employed15.3%15.3%
Maximum Taxable Earnings$128,400$127,200
Medicare Base SalaryUnlimitedUnlimited
Medicare Tax Rate1.5%1.5%
Additional Medicare Tax for income above $200,000 (single filers) or $250,000 (joint filers)0.9%0.9%
Medicare tax on net investment income ($200,000 single filers, $250,000 joint filers)3.8%3.8%

 

Education Credits & Deductions
Credit / Deduction20182017
American Opportunity Credit (Hope)25002500
Lifetime Learning Credit20002000
Student Loan Interest Deduction25002500
Coverdell Education Savings Contribution20002000

 

Miscellaneous Provisions
20182017
N/A - No longer existsN/APersonal Exemption$4,050
Business expensing limit: Cap on equipment purchases$2,500,000Business expensing limit: Cap on equipment purchases$2,030,000
Business expensing limit: New and Used Equipment and Software$1,000,000Business expensing limit: New and Used Equipment and Software$510,000
Prior-year safe harbor for estimated taxes of higher-income110% of your 2018 tax liabilityPrior-year safe harbor for estimated taxes of higher-income110% of your 2017 tax liability
Standard mileage rate for business driving54.5 centsStandard mileage rate for business driving53.5 cents
Standard mileage rate for medical/moving driving18 centsStandard mileage rate for medical/moving driving17 cents
Standard mileage rate for charitable driving14 centsStandard mileage rate for charitable driving14 cents
Child Tax Credit$2,000Child Tax Credit$1,000
Unearned income maximum for children under 19 before kiddie tax applies$1,050Unearned income maximum for children under 19 before kiddie tax applies$1,050
Maximum capital gains tax rate for taxpayers with income up to $51,700 for single filers, $77,200 for married filing jointly0%Maximum capital gains tax rate for taxpayers in the 10% or 15% bracket0%
Maximum capital gains tax rate for taxpayers with income above $51,700 for single filers, $77,200 for married filing jointly15%Maximum capital gains tax rate for taxpayers above the 15% bracket but below the 39.6% bracket15%
Maximum capital gains tax rate for taxpayers with income above $425,800 for single filers, $479,000 for married filing jointly20%Maximum capital gains tax rate for taxpayers in the 39.6% bracket20%
Capital gains tax rate for unrecaptured Sec. 1250 gains25%Capital gains tax rate for unrecaptured Sec. 1250 gains25%
Capital gains tax rate on collectibles28%Capital gains tax rate on collectibles28%
Maximum contribution for Traditional/Roth IRA$5,500 if under age 50 $6,500 if 50 or olderMaximum contribution for Traditional/Roth IRA$5,500 if under age 50 $6,500 if 50 or older
Maximum employee contribution to SIMPLE IRA$12,500 if under age 50 $15,500 if 50 or olderMaximum employee contribution to SIMPLE IRA$12,500 if under age 50 $15,500 if 50 or older
Maximum Contribution to SEP IRA25% of eligible compensation up to $55,000Maximum Contribution to SEP IRA25% of eligible compensation up to $54,000
401(k) maximum employee contribution limit$18,500 if under age 50 $24,500 if 50 or older401(k) maximum employee contribution limit$18,000 if under age 50 $24,000 if 50 or older
Estate tax exemption$11,200,000Estate tax exemption$5,490,000
Annual Exclusion for Gifts$15,000Annual Exclusion for Gifts$14,000

 

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