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1. The tax bill will lower (many) individual rates: The bill preserves seven tax brackets, but changes the rates that apply to: 10%, 12%, 22%, 24%, 32%, 35% and 37%.
Here is how your income would apply to the new rates:
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If taxable income is:
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Then income tax equals:
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Single Individuals
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| Not over $11,600 |
10% of the taxable income |
| Over $11,600 but not over $47,150 |
$1,160.00 plus 12% of the excess over $11,600 |
| Over $47,150 but not over $100,525 |
$5,426.00 plus 22% of the excess over $47,150 |
| Over $100,525 but not over $191,950 |
$17,168.50 plus 24% of the excess over $100,525 |
| Over $191,950 but not over $243,725 |
$39,110.50 plus 32% of the excess over $191,950 |
| Over $243,725 but not over $609,350 |
$55,678.50 plus 35% of the excess over $243,725 |
| Over $609,350 |
$183,647.25 plus 37% of the excess over $609,350 |
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Heads of Households
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| Not over $16,550 |
10% of the taxable income |
| Over $16,550 but not over $63,100 |
$1,655.00 plus 12% of the excess over $16,550 |
| Over $63,100 but not over $100,500 |
$7,241.00 plus 22% of the excess over $63,100 |
| Over $100,500 but not over $191,950 |
$15,469.00 plus 24% of the excess over $100,500 |
| Over $191,950 but not over $243,700 |
$37,417.00 plus 32% of the excess over $191,950 |
| Over $243,700 but not over $609,350 |
$53,977.00 plus 35% of the excess over $243,700 |
| Over $609,350 |
$181,954.50 plus 37% of the excess over $609,350 |
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Married Individuals Filing Joint Returns and Qualifying Surviving Spouses
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| Not over $23,200 |
10% of the taxable income |
| Over $23,200 but not over $94,300 |
$2,320.00 plus 12% of the excess over $23,200 |
| Over $94,300 but not over $201,050 |
$10,852.00 plus 22% of the excess over $94,300 |
| Over $201,050 but not over $383,900 |
$34,337.00 plus 24% of the excess over $201,050 |
| Over $383,900 but not over $487,450 |
$78,221.00 plus 32% of the excess over $383,900 |
| Over $487,450 but not over $731,200 |
$111,357.00 plus 35% of the excess over $487,450 |
| Over $731,200 |
$196,669.50 plus 37% of the excess over $731,200 |
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Married Individuals Filing Separate Returns
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| Not over $11,600 |
10% of the taxable income |
| Over $11,600 but not over $47,150 |
$1,160.00 plus 12% of the excess over $11,600 |
| Over $47,150 but not over $100,525 |
$5,426.00 plus 22% of the excess over $47,150 |
| Over $100,525 but not over $191,950 |
$17,168.50 plus 24% of the excess over $100,525 |
| Over $191,950 but not over $243,725 |
$39,110.50 plus 32% of the excess over $191,950 |
| Over $243,725 but not over $365,600 |
$55,678.50 plus 35% of the excess over $243,725 |
| Over $365,600 |
$98,334.75 plus 37% of the excess over $365,600 |
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