08/06/2018
he questions that are most asked by taxpayers year after year is what are the effective tax rates for the various filing statuses. To demonstrate that, we provide the following:
2018 Tax Rates - Single Taxpayers - Standard Deduction $12,000 2017 Rates
10% 0 to $9,525
12% $9,525 to $38,700
22% $38,700 to $82,500
24% $82,500 to $157,500
32% $157,500 to $200,000
35% $200,000 to $500,000
37% Over $500,000
2018 Tax Rates - Married Jointly & Surviving Spouses - Standard Deduction $24,000
10% 0 to $19,050
12% $19,050 to $77,400
22% $77,400 to $165,000
24% $165,000 to $315,000
32% $315,000 to $400,000
35% $400,000 to $600,000
37% Over $600,000
2018 Tax Rates - Married Filing Separately - Standard Deduction $12,000
10% 0 to $9,525
12% $9,525 to $38,700
22% $38,700 to $82,500
24% $82,500 to $157,500
32% $157,500 to $200,000
35% $200,000 to $300,000
37% Over $300,000
2018 Tax Rates - Head of Household - Standard Deduction $18,000
10% 0 to $13,600
12% $13,600 to $51,800
22% $51,800 to $82,500
24% $82,500 to $157,500
32% $157,500 to $200,000
35% $200,000 to $500,000
37% Over $500,000
2018 Tax Rates - Estates & Trusts
10% 0 to $2,550
24% $2,550 to $9,150
35% $9,150 to $12,500
37% Over $12,500
Social Security 2018 Tax Rates
Social Security Tax Rate: Employers 6.20%
Social Security Tax Rate: Employees 6.20%
Social Security Tax Rate: Self-Employed 15.30%
Maximum Taxable Earnings $128,400
Medicare Base Salary Unlimited
Medicare Tax Rate: Employers 1.45%
Medicare Tax Rate: Employees 1.45%
Additional Medicare Tax for income above $200,000 (single filers) or $250,000 (joint filers) 0.90%
Medicare tax on net investment income ($200,000 single filers, $250,000 joint filers) 3.80%
Miscellaneous 2018 Tax Rates
Business expensing limit: Cap on equipment purchases $2,500,000
Business expensing limit: New and Used Equipment and Software $1,000,000
Prior-year safe harbor for estimated taxes of higher-income 110% of your 2018 tax liability
Standard mileage rate for business driving 54.5 cents
Standard mileage rate for medical driving 18 cents
Standard mileage rate for moving driving - Members of the Armed Forces on active duty who move because of a permanent change of station 18 cents
Standard mileage rate for charitable driving 14 cents
Child Tax Credit $2,000
Unearned income maximum for children under 19 before kiddie tax applies $1,050
Maximum capital gains tax rate for taxpayers with income up to $38,600 for single filers, $77,200 for married filing jointly 0%
Maximum capital gains tax rate for taxpayers with income above $38,600 for single filers, $77,200 for married filing jointly 15%
Maximum capital gains tax rate for taxpayers with income above $425,800 for single filers, $479,000 for married filing jointly 20%
Capital gains tax rate for unrecaptured Sec. 1250 gains 25%
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 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
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
Source: IRS
Standard Meal Rates for Family Child Care Providers for 2018 income tax returns
Continental U.S. 2018-19 Tax Rates
For each breakfast $1.31
For each lunch or supper $2.46
For each snack (up to 3 per day for each child) $0.73
Alaska 2018-19 Tax Rates
For each breakfast $2.09
For each lunch or supper $3.99
For each snack (up to 3 per day for each child) $1.19
Hawaii 2018-19 Tax Rates
For each breakfast $1.53
For each lunch or supper $2.88
For each snack (up to 3 per day for each child) $0.86
Source: Federal Register
