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2018 Tax Rates - Single Taxpayers - Standard Deduction $12,000

10%                                                                                                            0 to $9,525

 

12%                                                                                                            $9,526 to $38,700

 

22%                                                                                                            $38,701 to $82,500

 

24%                                                                                                            $82,501 to $157,500

 

32%                                                                                                            $157,501 to $200,000

 

35%                                                                                                            $200,001 to $500,000

 

37%                                                                                                        Over $500,001

 

2018 Tax Rates - Married Jointly & Surviving Spouses - Standard Deduction $24,000

10%                                                                                                            0 to $19,050

 

12%                                                                                                            $19,051 to $77,400

 

22%                                                                                                            $77,401 to $165,000

 

24%                                                                                                             $165,001 to $315,000

 

32%                                                                                                            $315,001 to $400,000

 

35%                                                                                                            $400,001 to $600,000

 

37%                                                                                                         Over $600,001

 

2018 Tax Rates - Married Filing Separately - Standard Deduction $12,000

10%                                                                                                            0 to $9,525

 

12%                                                                                                            $9,526 to $38,700

 

22%                                                                                                            $38,701 to $82,500

 

24%                                                                                                            $82,501 to $157,500

 

32%                                                                                                            $157,501 to $200,000

 

35%                                                                                                            $200,001 to $300,000

 

37%                                                                                                        Over $300,001

 

2018 Tax Rates - Head of Household - Standard Deduction $18,000

10%                                                                                                            0 to $13,600

 

12%                                                                                                            $13,601 to $51,800

 

22%                                                                                                            $51,801 to $82,500

 

24%                                                                                                            $82,501 to $157,500

 

32%                                                                                                            $157,501 to $200,000

 

35%                                                                                                            $200,001 to $500,000

 

37%                                                                                                     Over $500,001

 

2018 Tax Rates - Estates & Trusts

10%                                                                                                            0 to $2,550

 

24%                                                                                                            $2,551 to $9,150

 

35%                                                                                                            $9,151 to $12,500

 

37%                                                                                                        Over $12,501

 

Social Security                                                                                               2018 Tax Rates

 

Social Security Tax Rate: Employers                                                  6.2%

 

Social Security Tax Rate: Employees                                                  6.2%

 

Social Security Tax Rate: Self-Employed                                           15.3%

 

Maximum Taxable Earnings                                                                $128,400

 

Medicare Base Salary                                                                            Unlimited

Medicare Tax Rate                                                                                   1.45%

Additional Medicare Tax for income above $200,000 (single filers) or $250,000 (joint filers)

0.9%

Medicare tax on net investment income ($200,000 single filers, $250,000 joint filers)

3.8%

Miscellaneous                                                                                              2018 Tax Rates

 

Personal Exemption                                                                                     $0.00

Standard mileage rate for business driving                                          54.5 cents

 

Standard mileage rate for medical/moving driving                            18 cents

 

Standard mileage rate for charitable driving                                       14 cents

 

Child Tax Credit                                                                                         $2,000

 

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 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

 

Estate tax exemption                                                                                    $11,180,000

 

Annual Exclusion for Gifts                                                                         $15,000

 

Education                                                                                                         2018 Tax Rates

 

American Opportunity Credit (Hope)                                                      $2,500

 

Lifetime Learning Credit                                                                              $2,000

 

Student Loan Interest Deduction                                                               $2,500

 

Coverdell Education Savings Contribution                                            $2,000

 

 

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