The Federal income tax has been broken into 7 tax brackets as seen below. In order to determine the amount of taxes you will depend on your filing status and income.
Just because you move into a higher tax bracket doesn’t automatically mean that your income will be taxed at a higher rate; only the income earned within a particular tax bracket is subject that specific rate.
Taxable Income | Tax Rate |
$0 to $9,225 | 10% |
$9,226 to $37,450 | $922.50 plus 15% of the amount over $9,225 |
$37,451 to $90,750 | $5,156.25 plus 25% of the amount over $37,450 |
$90,751 to $189,300 | $18,481.25 plus 28% of the amount over $90,750 |
$189,301 to $411,500 | $46,075.25 plus 33% of the amount over $189,300 |
$411,501 to $413,200 | $119,401.25 plus 35% of the amount over $411,500 |
$413,201 or more | $119,996.25 plus 39.6% of the amount over $413,200 |
Taxable Income | Tax Rate |
$0 to $18,450 | 10% |
$18,451 to $74,900 | $1,845.00 plus 15% of the amount over $18,450 |
$74,901 to $151,200 | $10,312.50 plus 25% of the amount over $74,900 |
$151,201 to $230,450 | $29,387.50 plus 28% of the amount over $151,200 |
$230,451 to $411,500 | $51,577.50 plus 33% of the amount over $230,450 |
$411,501 to $464,850 | $111,324.00 plus 35% of the amount over $411,500 |
$464,851 or more | $129,996.50 plus 39.6% of the amount over $464,850 |
Taxable Income | Tax Rate |
$0 to $9,225 | 10% |
$9,226 to $37,450 | $922.50 plus 15% of the amount over $9,225 |
$37,451 to $75,600 | $5,156.25 plus 25% of the amount over $37,450 |
$75,601 to $115,225 | $14,693.75 plus 28% of the amount over $75,600 |
$115,226 to $205,750 | $25,788.75 plus 33% of the amount over $115,225 |
$205,751 to $232,425 | $55,662.00 plus 35% of the amount over $205,750 |
$232,426 or more | $64,998.25 plus 39.6% of the amount over $232,425 |
Taxable Income | Tax Rate |
$0 to $13,150 | 10% |
$13,151 to $50,200 | $1,315.00 plus 15% of the amount over $13,150 |
$50,201 to $129,600 | $6,872.50 plus 25% of the amount over $50,200 |
$129,601 to $209,850 | $26,772.50 plus 28% of the amount over $129,600 |
$209,851 to $411,500 | $49,192.50 plus 33% of the amount over $209,850 |
$411,501 to $439,000 | $115,737.00 plus 35% of the amount over $411,500 |
$439,001 or more | $125,362.00 plus 39.6% of the amount over $439,000 |
You are allowed to claim one personal exemption for yourself and one for your spouse (if married). However, if somebody else can list you as a dependent on their tax return, you are not permitted to claim a personal exemption for yourself.
For tax year 2018, the personal exemption amount is $4,000 (up from $3,950 in 2017).
The personal exemption was eliminated for the 2018 tax year. The only way you to take an exemption is if you are filing an amended return for a prior year. If you have any questions, please give us a call.