2018 Individual Income Tax Brackets

2018 Tax Brackets

In 2018, there are still seven tax brackets for individual taxpayers. However, the overall tax rates have decreased. While the bottom rate remained at 10%, the top rate dropped from 39.6% to 37%.

Remember that these tax rates are marginal, meaning when your income increases and you move up to a higher rate, only the portion of your income above the previous (lower) rate threshold is taxed at a higher rate.
To estimate your 2018 tax liability, use the following tax tables:

Single

Taxable IncomeTax Rate
$0 – $9,52510% of taxable income
$9,526 – $38,700$952.50 plus 12% of the amount over $9,525
$38,701 – $82,500$4,453.50 plus 22% of the amount over $38,700
$82,501 – $157,500$14,089.50 plus 24% of the amount over $82,500
$157,501 – $200,000$32,089.50 plus 32% of the amount over $157,500
$200,001 – $500,000$45,689.50 plus 35% of the amount over $200,000
Over $500,000$150,689.50 plus 37% of the amount over $500,000

Married Filing Jointly

Taxable IncomeTax Rate
$0 – $19,05010% of taxable income
$19,051 – $77,400$1,905 plus 12% of the amount over $19,050
$77,401 – $165,000$8,907 plus 22% of the amount over $77,400
$165,001 – $315,000$28,179 plus 24% of the amount over $165,000
$315,001 – $400,000$64,179 plus 32% of the amount over $315,000
$400,001 – $600,000$91,379 plus 35% of the amount over $400,000
Over $600,000$161,379 plus 37% of the amount over $600,000

Married Filing Separately

Taxable IncomeTax Rate
$0 – $9,52510% of taxable income
$9,526 – $38,700$952.50 plus 12% of the amount over $9,525
$38,701 – $82,500$4,453.50 plus 22% of the amount over $38,700
$82,501 – $157,500$14,089.50 plus 24% of the amount over $82,500
$157,501 – $200,000$32,089.50 plus 32% of the amount over $157,500
$200,001 – $300,000$45,689.50 plus 35% of the amount over $200,000
Over $300,000$80,689.50 plus 37% of the amount over $300,000

Head of Household

Taxable IncomeTax Rate
$0 – $13,60010% of taxable income
$13,601 – $51,800$1,360 plus 12% of the amount over $13,600
$51,801 – $82,500$5,944 plus 22% of the amount over $51,800
$82,501 – $157,500$12,698 plus 24% of the amount over $82,500
$157,501 – $200,000$30,698 plus 32% of the amount over $157,500
$200,001 – $500,000$44,298 plus 35% of the amount over $200,000
Over $500,000$149,298 plus 37% of the amount over $500,000

Standard Deduction and Personal Exemptions

In 2018 tax year, standard deduction has gone up to $12,000 for unmarried taxpayers and $24,000 for married filing jointly. Head of household standard deduction has gone up to $18,000.

Additional standard deduction for elderly and blind taxpayers is $1,300 ($1,600 if taxpayer is also unmarried).

Personal exemptions have been eliminated in 2018 tax year.

By | 2019-01-01T11:55:37+00:00 January 1st, 2019|Individual Income Tax|0 Comments