What Income Tax Bracket Am I In?

Think you know what income tax bracket you fall into? Think again! President Trump signed a new tax plan into law in December 2017, which has effectively changed the federal income tax brackets for the 2018 tax year. Here is everything that you need to know:

The Different Brackets

There are currently seven different tax brackets with rates of 10%, 12%, 22%, 24%, 32%, 35%, and 37%. Remember, however, that you will also fall into a different bracket if you are married and filing your tax alongside your spouse.

The following brackets apply to single filers only:

  • $0 – $9,525: 10%
  • $9,526 – $38,700: 12%
  • $38,701 – $82,500: 22%
  • $82,501 – $157,500: 24%
  • $157,501 – $200,000: 32%
  • $200,001 – $500,000: 35%
  • $500,001+: 37%

For those married and filing jointly, the following tax brackets apply:

  • $0 – $19,050: 10%
  • $19,051 – $77,400: 12%
  • $77,401 – $165,000: 22%
  • $165,001 – $315,000: 24%
  • $315,001 – $400,000: 32%
  • $400,001 – $600,000: 35%
  • $600,001+: 37%

If you are married, but choose to file separately, the following tax brackets apply:

  • $0 – $9,525: 10%
  • $9,526 – $38,700: 12%
  • $38,701 – $82,500: 22%
  • $82,501 – $157,500: 24%
  • $157,501 – $200,000: 32%
  • $200,001 – $300,000: 35%
  • $300,001+: 37%

You may also choose to file as the ‘Head of Household’. In order to do this, you must be paying for more than half of the household expenses, be considered unmarried for the tax year, and you must have a qualifying child or dependent. In this instance, the following tax brackets apply:

  • $0 – $13,600: 10%
  • $13,601 – $51,800: 12%
  • $51,801 – $82,500: 22%
  • $82,501 – $157,500: 24%
  • $157,501 – $200,000: 32%
  • $200,001 – $500,000: 35%
  • $500,001+: 37%

It is always best to call on the services of an individual income tax preparation specialist if you are unsure about which tax bracket you fall into or how you may choose to file your tax. Luckily, we at Georgen Scarborough Associates, PC can assist with all tax-related matters and concerns. Contact us for more info today!

The firm of Georgen Scarborough Associates, PC provides wonderful, comprehensive tax services to all that I have recommended to them. They are caring, insightful and thorough. I could not feel more comfortable referring them.

The Law Office of Michele H. Wright
Fairfax, VA

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