Understanding the federal income tax brackets is essential for all taxpayers to accurately calculate how much tax they owe to the government. Each year, the Internal Revenue Service (IRS) releases updated tax brackets based on income levels. For the year 2018, there are seven tax brackets ranging from 10% to 37%, depending on your taxable income.
It is important to know which tax bracket you fall into as it determines the percentage of your income that will be taxed. By knowing the tax brackets, you can plan your finances accordingly and take advantage of any deductions or credits available to you.
Printable 2018 Federal Income Tax Brackets
The 2018 federal income tax brackets are as follows:
– 10% for income up to $9,525 for individuals, $19,050 for married couples filing jointly
– 12% for income over $9,525 to $38,700 for individuals, $19,050 to $77,400 for married couples filing jointly
– 22% for income over $38,700 to $82,500 for individuals, $77,400 to $165,000 for married couples filing jointly
– 24% for income over $82,500 to $157,500 for individuals, $165,000 to $315,000 for married couples filing jointly
These are just a few examples of the tax brackets for 2018. The brackets continue up to 37% for individuals earning over $500,000 and married couples filing jointly earning over $600,000. It is important to consult the IRS website or a tax professional for more detailed information on the tax brackets.
In conclusion, knowing the federal income tax brackets for 2018 is crucial for all taxpayers to accurately calculate their taxes. By understanding which bracket you fall into, you can plan your finances effectively and take advantage of any available deductions or credits. Be sure to stay informed about any changes to the tax brackets each year to ensure you are paying the correct amount of tax.