| Single Taxpayers | |||
|---|---|---|---|
| 2018 Tax Rates – Standard Deduction $12,000 | 2017 Tax Rates – Standard Deduction $6,350 | ||
| 10% | 0 to $9,525 | 10% | 0 to $9,325 |
| 12% | $9,525 to $38,700 | 15% | $9,325 to $37,950 |
| 22% | $38,700 to $82,500 | 25% | $37,950 to $91,900 |
| 24% | $82,500 to $157,500 | 28% | $91,900 to $191,650 |
| 32% | $157,500 to $200,000 | 33% | $191,650 to $416,700 |
| 35% | $200,000 to $500,000 | 35% | $416,700 to $418,400 |
| 37% | Over $500,000 | 39.60% | Over $418,400 |
| Married Filing Jointly & Surviving Spouses | |||
|---|---|---|---|
| 2018 Tax Rates – Standard Deduction $24,000 | 2017 Tax Rates – Standard Deduction $12,700 | ||
| 10% | 0 to $19,050 | 10% | 0 to $18,650 |
| 12% | $19,050 to $77,400 | 15% | $18,650 to $75,900 |
| 22% | $77,400 to $165,000 | 25% | $75,900 to $153,100 |
| 24% | $165,000 to $315,000 | 28% | $153,100 to $233,350 |
| 32% | $315,000 to $400,000 | 33% | $233,350 to $416,700 |
| 35% | $400,000 to $600,000 | 35% | $416,700 to $470,700 |
| 37% | Over $600,000 | 39.60% | Over $470,700 |
| Married Filing Separately | |||
|---|---|---|---|
| 2018 Tax Rates – Standard Deduction $12,000 | 2017 Tax Rates – Standard Deduction $6,350 | ||
| 10% | 0 to $9,525 | 10% | 0 to $9,325 |
| 12% | $9,525 to $38,700 | 15% | $9,325 to $37,950 |
| 22% | $38,700 to $82,500 | 25% | $37,950 to $76,550 |
| 24% | $82,500 to $157,500 | 28% | $76,550 to $116,675 |
| 32% | $157,500 to $200,000 | 33% | $116,675 to $208,350 |
| 35% | $200,000 to $500,000 | 35% | $208,350 to $235,350 |
| 37% | Over $500,000 | 39.60% | Over $235,350 |
| Head of Household | |||
|---|---|---|---|
| 2018 Tax Rates – Standard Deduction $18,000 | 2017 Tax Rates – Standard Deduction $9,350 | ||
| 10% | 0 to $13,600 | 10% | 0 to $13,350 |
| 12% | $13,600 to $51,800 | 15% | $13,350 to $50,800 |
| 22% | $51,800 to $82,500 | 25% | $50,800 to $131,200 |
| 24% | $82,500 to $157,500 | 28% | $131,200 to $212,500 |
| 32% | $157,500 to $200,000 | 33% | $212,500 to $416,700 |
| 35% | $200,000 to $500,000 | 35% | $416,700 to $444,500 |
| 37% | Over $500,000 | 39.60% | Over $444,500 |
| Estates & Trusts | |||
|---|---|---|---|
| 2018 Tax Rates | 2017 Tax Rates | ||
| 10% | 0 to $2,550 | 15% | 0 to $2,550 |
| 24% | $2,550 to $9,150 | 25% | $2,550 to $6,000 |
| 35% | $9,150 to $12,500 | 28% | $6,000 to $9,150 |
| 37% | Over $12,500 | 33% | $9,150 to $12,500 |
| N/A | N/A | 39.60% | Over $12,500 |
| FICA (Social Security & Medicare) | ||
|---|---|---|
| FICA Tax | 2018 | 2017 |
| Social Security Tax Rate: Employers | 6.2% | 6.2% |
| Social Security Tax Rate: Employees | 6.2% | 6.2% |
| Social Security Tax Rate: Self-Employed | 15.3% | 15.3% |
| Maximum Taxable Earnings | $128,400 | $127,200 |
| Medicare Base Salary | Unlimited | Unlimited |
| Medicare Tax Rate | 1.5% | 1.5% |
| Additional Medicare Tax for income above $200,000 (single filers) or $250,000 (joint filers) | 0.9% | 0.9% |
| Medicare tax on net investment income ($200,000 single filers, $250,000 joint filers) | 3.8% | 3.8% |
| Education Credits & Deductions | ||
|---|---|---|
| Credit / Deduction | 2018 | 2017 |
| American Opportunity Credit (Hope) | 2500 | 2500 |
| Lifetime Learning Credit | 2000 | 2000 |
| Student Loan Interest Deduction | 2500 | 2500 |
| Coverdell Education Savings Contribution | 2000 | 2000 |
| Miscellaneous Provisions | |||
|---|---|---|---|
| 2018 | 2017 | ||
| N/A – No longer exists | N/A | Personal Exemption | $4,050 |
| Business expensing limit: Cap on equipment purchases | $2,500,000 | Business expensing limit: Cap on equipment purchases | $2,030,000 |
| Business expensing limit: New and Used Equipment and Software | $1,000,000 | Business expensing limit: New and Used Equipment and Software | $510,000 |
| Prior-year safe harbor for estimated taxes of higher-income | 110% of your 2018 tax liability | Prior-year safe harbor for estimated taxes of higher-income | 110% of your 2017 tax liability |
| Standard mileage rate for business driving | 54.5 cents | Standard mileage rate for business driving | 53.5 cents |
| Standard mileage rate for medical/moving driving | 18 cents | Standard mileage rate for medical/moving driving | 17 cents |
| Standard mileage rate for charitable driving | 14 cents | Standard mileage rate for charitable driving | 14 cents |
| Child Tax Credit | $2,000 | Child Tax Credit | $1,000 |
| Unearned income maximum for children under 19 before kiddie tax applies | $1,050 | Unearned income maximum for children under 19 before kiddie tax applies | $1,050 |
| Maximum capital gains tax rate for taxpayers with income up to $51,700 for single filers, $77,200 for married filing jointly | 0% | Maximum capital gains tax rate for taxpayers in the 10% or 15% bracket | 0% |
| Maximum capital gains tax rate for taxpayers with income above $51,700 for single filers, $77,200 for married filing jointly | 15% | Maximum capital gains tax rate for taxpayers above the 15% bracket but below the 39.6% bracket | 15% |
| Maximum capital gains tax rate for taxpayers with income above $425,800 for single filers, $479,000 for married filing jointly | 20% | Maximum capital gains tax rate for taxpayers in the 39.6% bracket | 20% |
| Capital gains tax rate for unrecaptured Sec. 1250 gains | 25% | Capital gains tax rate for unrecaptured Sec. 1250 gains | 25% |
| Capital gains tax rate on collectibles | 28% | Capital gains tax rate on collectibles | 28% |
| Maximum contribution for Traditional/Roth IRA | $5,500 if under age 50 $6,500 if 50 or older | Maximum contribution for Traditional/Roth IRA | $5,500 if under age 50 $6,500 if 50 or older |
| Maximum employee contribution to SIMPLE IRA | $12,500 if under age 50 $15,500 if 50 or older | Maximum employee contribution to SIMPLE IRA | $12,500 if under age 50 $15,500 if 50 or older |
| Maximum Contribution to SEP IRA | 25% of eligible compensation up to $55,000 | Maximum Contribution to SEP IRA | 25% of eligible compensation up to $54,000 |
| 401(k) maximum employee contribution limit | $18,500 if under age 50 $24,500 if 50 or older | 401(k) maximum employee contribution limit | $18,000 if under age 50 $24,000 if 50 or older |
| Estate tax exemption | $11,200,000 | Estate tax exemption | $5,490,000 |
| Annual Exclusion for Gifts | $15,000 | Annual Exclusion for Gifts | $14,000 |