Federal Income Tax Tables

2018

NOTABLE ITEMIZED DEDUCTIONS
Deductible
Mortgage interest up to $750,000 of indebtedness on 1 or 2 residences for mortgages taken out after 12/15/2017
Points on home mortgages
Business interest
Investment interest up to net investment income
Either state or local income taxes or state and local sales taxes plus state and local real property taxes and personal property taxes. Combined deduction for state property and income taxes is limited to $10,000
Medical and dental expenses to the extent that such expenses exceed 7.5% of Adjusted Gross Income
Non-Deductible Interest Expenses
Credit card
Auto loans
Home equity loans
Prepaid interest other than points on home mortgage
Most other consumer loan interest

 

INCOME TAX BRACKETS
Rate Single Married Filing Jointly Married Filing Separately Head of Household Trusts & Estates
10% $0-$9,525 $0-$19,050 $0-$9,525 $0-$13,600 $0-$2,550
12% $9,526-$38,700 $19,051-$77,400 $9,526-$38,700 $13,601-$51,800
21%
22% $38,701-$82,500 $77,401-$165,000 $38,701-$82,500 $51,801-$82,500
24% $82,501-$157,500 $165,001-$315,000 $82,501-$157,500 $82,501-$157,500 $2,551-$9,150
32% $157,501-$200,000 $315,001-$400,000 $157,501-$200,000 $157,501-$200,000
35% $200,001-$500,000 $400,001-$600,000 $200,001-$300,000 $200,001-$500,000 $9,151-$12,500
37% $500,001+ $600,001+ $300,001+ $500,001+ $12,501+

 

PERSONAL EXEMPTION
No longer allowed, beginning in 2018

 

STANDARD DEDUCTIONS
Single Married Filing Jointly Married Filing Separately Head of Household
$12,000 $24,000 $12,000 $18,000

 

MODIFIED ADJUSTED GROSS INCOME TAX BASE THRESHOLDS FOR TAXATION OF SOCIAL SECURITY BENEFITS
% Taxed Single Married Filing Jointly Married Filing Separately Head of Household
50% $25,000-$34,000 $32,000-$44,000 Depends on whether spouses live together during the tax year $25,000-$34,000
85% $34,001+ $44,001+ Depends on whether spouses live together during the tax year $34,001+

 

QUALIFIED LTC PREMIUM DEDUCTIBILITY
Age <40 41-50 51-60 61-70 >70
Amount $420 $780 $1,560 $4,160 $5,200

 

2017

SINGLE
Taxable Income Tax Rate
$0 – $9,325 10%
$9,326 – $37,950 15%
$37,951 – $91,900 25%
$91,901 – $191,650 28%
$191,651 – $416,700 33%
$416,701 – $470,700 35%
$470,701 + 39.6%
Exemptions (Subject to phase out)
Personal Exemption Amount $4,050
Single phase out AGI1
(for each $2,500 of AGI1 over threshold, exemptions reduce 2%)
$261,500
Standard Deductions
Single $6,350
Additional Deduction (If Blind or Age 65+)
Single $1,550
1AGI = Adjusted Gross Income

 

MARRIED FILING SEPARATELY
Taxable Income Tax Rate
$0 – $9,325 10%
$9,326 – $37,950 15%
$37,951 – $76,550 25%
$76,551 – $116,675 28%
$116,676 – $208,350 33%
$208,351 – $235,350 35%
$235,351 + 39.6%
Exemptions (Subject to phase out)
Personal Exemption Amount $4,050
Married Filing Separately phase out 1
(for each $2,500 of AGI1 over threshold, exemptions reduce 2%)
$156,900
Standard Deductions
Married Filing Separately $6,350
Additional Deduction (If Blind or Age 65+)
Married $1,250
1AGI = Adjusted Gross Income

 

MARRIED FILING JOINTLY
Taxable Income Tax Rate
$0 – $18,650 10%
$18,651 – $75,900 15%
$75,901 – $153,100 25%
$153,101 – $233,350 28%
$233,351 – $416,700 33%
$416,701 – $470,700 35%
$470,701 + 39.6%
Exemptions (Subject to phase out)
Personal Exemption Amount $4,050
Married Filing Jointly phase out 1
(for each $2,500 of AGI1 over threshold, exemptions reduce 2%)
$313,800
Standard Deductions
Married Filing Jointly $12,700
Additional Deduction (If Blind or Age 65+)
Married $1,250
1AGI = Adjusted Gross Income

 

HEAD OF HOUSEHOLD
Taxable Income Tax Rate
$0 – $13,350 10%
$13,351 – $50,800 15%
$50,801 – $131,200 25%
$131,201 – $212,500 28%
$212,501 – $416,700 33%
$416,701 – $444,550 35%
$444,551 + 39.6%
Exemptions (Subject to phase out)
Personal Exemption Amount $4,050
Head of Household phase out 1
(for each $2,500 of AGI1 over threshold, exemptions reduce 2%)
$287,650
Standard Deductions
Head of Household $9,350
Additional Deduction (If Blind or Age 65+)
Head of Household $1,550
1AGI = Adjusted Gross Income

 

TRUSTS & ESTATES
Taxable Income Tax Rate
$0 – $2,550 15%
$2,551 – $6,000 25%
$6,001 – $9,150 28%
$9,151 – $12,500 33%
$12,501 + 39.6%

 

DEDUCTIBILITY OF QUALIFIED LTC PREMIUM
Age 40 or less 41-50 51-60 61-70 71+
Amount $410 $770 $1,530 $4,090 $5,110

 

The information presented here is not intended to be a comprehensive analysis. Cherry Bekaert Benefits Consulting is a benefits advisory firm and does not provide tax or legal advice. Individuals or Employers should consult with qualified legal and/or tax counsel for guidance in respect of matters of law, tax and related regulation.

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