2018 INCOME TAX RATES & INFORMATION

Marginal Ordinary Income Tax Rates

Single
Rate From To
10% 0 9,525
12% 9,526 38,700
22% 38,701 82,500
24% 82,501 157,500
32% 157,501 200,000
35% 200,001 500,000
37% 500,001  
Head of Household
Rate  From  To 
10% 0 13,600
12% 13,600 51,800
22% 51,801 82,500
24% 82,501 157,500
32% 157,501 200,000
35% 200,001 500,000
37% 500,001  
Married Filing Jointly *
Rate  From  To 
10% 0 19,050
12% 19,051 77,400
22% 77,401 165,000 
24% 165,001 315,000
32% 315,001 400,000
35% 400,001 600,000
37% 600,001  
Married Filing Separately
Rate  From  To 
10% 0 9,525
12% 9,526 38,700
22% 38,701 82,500
24% 82,501 157,500
32% 157,501 200,000
35% 200,001 300,000
37% 300,001  
* Including Qualifying Widow(er)

Standard Deduction

Filing Status Amount
Single $12,000
Head of Household $18,000
Married Filing Joint/Qualifying Widow(er) $24,000
Married Filing Separately $12,000
   
Additional Standard Deduction if Blind or Age 65+ Estimated Amount
Single $1,550
Head of Household $1,550
Married Filing Joint/Qualifying Widow(er) $1,250
Married Filing Separately $1,250
   
Standard Deduction for Dependents
Regular amount  $1,050
Maximum amount is earned income plus $350 up to allowed standard deduction based on filing status  

Personal Exemptions

For 2018-2025, the personal exemption has been suspended.  As such, the personal exemption is $0.

Phaseout of Personal Exemptions for 2018

Filing Status Phaseout Begins Phaseout Ends
Married Filing Jointly N/A N/A
Qualifying Widow(er) N/A N/A
Head of Household N/A N/A
Single N/A N/A
Married Filing Separately N/A N/A

Capital Gains - Long Term and Short Term

Type of Asset Short-Term Tax Rate Long-Term Tax Rate Unearned Medicare Contribution Surtax
Collectibles Ordinary Tax Rates 28% Potential 3.8%
Depreciation Recapture Ordinary Tax Rates 25% Potential 3.8%
Qualified Small Bus Stock Ordinary Tax Rates 28% after exclusion Potential 3.8%
Other Capital Assets Ordinary Tax Rates (See Table Below) Potential 3.8%
Long-Term Capital Gains
LTCG Rate Single Married Filing Joint Head of Household Married Filing Separately
0% $0-$38,700 $0-$77,400 $0-$51,850 $0-$38,700
15% $38,701-$426,700 $77,401-$480,050 $51,851-$453,350 $38,701-$240,025
20% $426,701+ $480,051+ $453,351+ $240,026+

If you need tax assistance for your 1040 individual income tax return or your corporate 1120, S-Corp 1120S, or partnership 1065 tax returns, give Jeff Jackson CPA a call at (678) 919-1250 to schedule an appointment. You can also submit your information via the Contact Us form and someone will call you shortly.

Quality Accounting, Taxes, and Payroll
Voted Best CPA in Canton and Woodstock for 2015 and 2016
Contact and Address information

Jeffrey L Jackson CPA LLC
6478 Putnam Ford Dr, Ste 122
Woodstock, GA 30189
Voice: (678) 919-1250
Fax: (678) 919-1062
Regular Hours: Mon-Fri 9am-6pm
Tax Season Hours: Mon-Sat 9am-8pm
By appointment
www.jjacksoncpa.com