Journal of Accountancy: Filing season quick guide - tax year 2017.

 
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Journal of Accountancy: Filing season quick guide--tax year 2017 Single taxpayers If taxable Of the income is But not Tax is Plus amount over over over $0 $9,325 10% $0 $9,325 $37,950 $932.50 15% $9,325 $37,950 $91,900 $5,226.25 25% $37,950 $91,900 $191,650 $18,713.75 28% $91,900 $191,650 $416,700 $46,643.75 33% $191,650 $416,700 $418,400 $120,910.25 35% $416,700 $418,400 $121,505.75 39.6% $418,400 Married taxpayers filing joint returns and surviving spouses If taxable Of the income is But not Tax is Plus amount over over over $0 $18,650 10% $0 $18,650 $75,900 $1,865 15% $18,650 $75,900 $153,100 $10,452.50 25% $75,900 $153,100 $233,350 $29,752.50 28% $153,100 $233,350 $416,700 $52,222.50 33% $233,350 $416,700 $470,700 $112,728 35% $416,700 $470,700 $131,628 39.6% $470,700 Married taxpayers filing separate returns If taxable Of the income is But not Tax is Plus amount over over over $0 $9,325 10% $0 $9,325 $37,950 $932.50 15% $9,325 $37,950 $76,550 $5,226.25 25% $37,950 $76,550 $116,675 $14,876.25 28% $76,550 $116,675 $208,350 $26,111.25 33% $116,675 $208,350 $235,350 $56,364 35% $208,350 $235,350 $65,814 39.6% $235,350 Heads of household If taxable Of the income is But not Tax is Plus amount over over over $0 $13,350 10% $0 $13,350 $50,800 $1,335 15% $13,350 $50,800 $131,200 $6,952.50 25% $50,800 $131,200 $212,500 $27,052.50 28% $131,200 $212,500 $416,700 $49,816.50 33% $212,500 $416,700 $444,550 $117,202.50 35% $416,700 $444,550 $126,950 39.6% $444,550 Trusts and estates If taxable Of the income is But not Tax is Plus amount over over over $0 $2,550 15% $0 $2,550 $6,000 $382.50 25% $2,550 $6,000 $9,150 $1,245 28% $6,000 $9,150 $12,500 $2,127 33% $9,150 $12,500 $3,232.50 39.6% $12,500 GAIN RATES

* Long-term capital gain rates: Zero for gains that would otherwise be taxed at the 10% or 15% rates; 15% for gains that would be taxed at the 25%, 28%, 33%, or 35% rates; and 20% for gains that would be taxed at the 39.6% rate.

NET INVESTMENT INCOME TAX

3.8% of the lesser of (1) net investment income or (2) the amount of modified adjusted gross income (MAGI) over these thresholds:

* Single: $200,000.

* Married filing jointly and surviving spouses: $250,000.

* Married filing separately: $125,000.

* Heads of household: $200,000.

* Estates and trusts: $12,500.

SELF-EMPLOYMENT TAX

* Tax rate: 15.3% (12.4% OASDI tax plus 2.9% Medicare tax).

* Surtax: 0.9% Medicare surtax is applied to self-employment income in excess of $200,000 (single), $250,000...

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