Tax Rates
Your Taxable Income
= Gross Income - Standard Deduction - Total exemptions
Example:
Couple with $50000 Gross inocme
Taxable income = 50000-11400-(2x3650)=31300
Taxable income upto 16,700 is taxed 10% and balance at 15%
Standard Deductions
| Single |
$5,700 |
| Head of Household |
$8,350 |
| Married Filing Jointly |
$11,400 |
| |
| Exemption: |
| Per Family Member |
$3,650 |
Tax Brackets
| |
Single |
Married Filing Jointly / QW |
Married Filing Separately |
Head of Household |
LTCG / QD |
| Tax Rate |
Over |
Up To |
Over |
Up To |
Over |
Up To |
Over |
Up To |
Tax Rate |
| 10% |
0 |
8,500 |
0 |
17,000 |
0 |
8,500 |
0 |
12,150 |
0% |
| 15% |
8,500 |
34,500 |
17,000 |
69,000 |
8,500 |
34,500 |
12,150 |
46,250 |
0% |
| 25% |
34,500 |
83,600 |
69,000 |
139,350 |
33,950 |
69,675 |
46,250 |
119,400 |
15% |
| 28% |
83,601 |
174,400 |
139,350 |
212,300 |
69,675 |
106,150 |
119,400 |
193,350 |
15% |
| 33% |
174,401 |
379,150 |
212,300 |
379,150 |
106,150 |
189,575 |
193,350 |
379,150 |
15% |
| 35% |
379,150 |
|
379,150 |
|
189,575 |
|
379,150 |
|
15% |
Other Credits
| Child tax credit for kids under 16 |
$1,000 |
| College tuition credit up to |
$2,000 |
| Energy efficiency credit up to |
$1,500 |
| Hybrid car credit up to |
$1,700 |
| First time home buyer credit |
$8,000 |
