The Tax Cuts and Jobs Act of 2017 changed the federal income tax brackets starting 2018. Below is a comparison of the old 2017 vs. the new 2018 brackets for single and married filing joint statuses. If you’d like to know how the change in tax law will affect your income taxes please feel free to give us a call.
2017 – Single filers:
10% $0 – $9,325
15% $9,326 – $37,950
25% $37,951 – $91,900
28% $91,901 – $191,650
33% $191,651 – $416,700
35% $416,701 – $418,400
39.6% $418,401 or more
Standard deduction: $6,350
Personal exemption: $4,050
2018 – Single filers:
10% $0 – $9,525
12% $9,526 – $38,700
22% $38,701 – $82,500
24% $82,501 – $157,500
32% $157,501 – $200,000
35% $200,001 – $500,000
37% $500,001 or more
Standard deduction: $12,000
Personal exemption: None
2017 – Married filing joint filers:
10% $0 – $18,650
15% $18,651 – $75,900
25% $75,901 – $153,100
28% $153,101 – $233,350
33% $233,351 – $416,700
35% $416,701 – $470,700
39.6% $470,701 or more
Standard deduction: $12,700
Personal exemption: $8,100
2018 – Married filing joint filers:
10% $0 – $19,050
12% $19,051 – $77,400
22% $77,401 – $165,000
24% $165,001 – $315,000
32% $315,001 – $400,000
35% $400,001 – $600,000
37% $600,001 or more
Standard deduction: $24,000
Personal exemption: None