2018 Federal Tax Schedules

All numbers are adjusted for inflation.

 

Married individuals filing joint returns and surviving spouses

If taxable income is: Tax Bracket:
$0 - $19,050 10% of taxable income
$19,051 - $77,400 12% of taxable income
$77,401 - $165,000 22% of taxable income
$165,001 - $315,000 24% of taxable income
$315,001 - $400,000 32% of taxable income
$400,001 - $600,000 35% of taxable income
Over $600,000 37% of taxable income

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Heads of Households

If taxable income is: Tax Bracket:
$0 - $13,600 10% of taxable income
$13,351 - $51,800 12% of taxable income
$51,801 - $82,500 22% of taxable income
$82,501 - $157,500 24% of taxable income
$157,501 - $200,000 32% of taxable income
$201,000 - $500,000 35% of taxable income
Over $500,000 37% of taxable income

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Single individuals (other than surviving spouses and heads of households)

If taxable income is: Tax Bracket:
$0 - $9,525 10% of taxable income
$9,526 - $38,700 12% of taxable income
$38,701 - $82,500 22% of taxable income
$82,501- $157,500 24% of taxable income
$157,501 - $200,000 32% of taxable income
$200,001 - $500,000 35% of taxable income
Over $500,000 37% of taxable income

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Married individuals filing separate returns

If taxable income is: Tax Bracket:
$0 - $9,525 10% of taxable income
$9,526 - $38,700 12% of taxable income
$38,701 - $82,500 22% of taxable income
$82,501- $157,500 24% of taxable income
$157,501 - $200,000 32% of taxable income
$200,001 - $500,000 35% of taxable income
Over $500,000 37% of taxable income

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U.S. Taxpayers Working Abroad

Taxable Income Exclusion $104,100

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Standard Deduction

Single $12,000
Married filing Jointly/Surviving spouses $24,000
Married filing separately $12,000
Head of household $18,000
Additional for elderly or blind $1,300

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Maximum/minimum rate for net long-term capital gains

Long term capital gains rates vary from 0% to 28% and pertain to assets held over a year. These rates vary according to the nature of the asset sold and the taxpayer(s) income.

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Personal exemption

Repealed by the Tax Act

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FICA & self-employment tax

Taxable wages for social security up to $128,400
Maximum social security - employer $7,961
Maximum social security - employee $7,961
Social Security tax rate - employer 6.2%
Social Security tax rate - employee 6.2%
Social Security tax rate - self-employed 12.4%
Taxable wages for Medicare All
Maximum Medicare tax No limit
Medicare tax rate for both employers and employees 1.45%
Medicare tax rate for self-employed 2.9%
Self-employed health insurance deduction 100%

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Social security earnings limit

Under Full Retirement Age $17,040
Year of Social Security eligibility $45,360
Year after Social Security eligibility No limit

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Retirement plan limitations

IRA Contribution Limit $5,500
     50 & over catch-up $6,500
SIMPLE Deferral Limit $12,500
     50 & over catch-up $15,500
401(k) Deferral Limit $18,500
     50 & over catch-up $24,500

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Maximized Itemized Deduction for State & Local Taxes

Category  
Compensation Cap for Plan Purposes $270,000
Compensation for Highly Compensated Definition $120,000
Key Employee Compensation $175,000
Deferral Limit for 401(k) & SAR-SEPs $18,000
Deferral Limit for 403(b) Plans $18,000
Deferral Limit for 457(b) Plans $18,000
Deferral Limit for SIMPLE IRA Plans $12,500
Maximum Match for SIMPLE IRA Plans $12,500
Minimum Earnings for SEP Contribution Plans $600
Social Security Wage Base OASDI $127,200
Medicare Wage Base Unlimited

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Section 179 Deduction

$1,000,000 for eligible property placed in service in calendar year 2018
$2,500,000 spending cap on equipment before deduction begins to be reduced on a dollar-for-dollar basis.

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Unearned Income Maximum for Children under 19 Before Kiddie Tax Applies

$2,000

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Estate Tax Exemption

Federal $11,200,000 per person and $22,400,000 per couple. The Executor of a deceased spouse's estate is allowed to transfer any unused exemption to the surviving spouse.
State of Tennessee Tennessee Estate Tax Repealed in 2016

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Tax Rates for Estates and Trusts

$2,550 - $9,150 $255 + 24% over $2,550
$9,151 - $12,500 $1,839 + 35% over $9,150
Over $12,500 $3,011.50 + 37% over $12,500

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Annual Gift Exclusion

$15,000

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Standard mileage allowance

Business 53.5 cents/mile
Charitable activities 14.0 cents/mile
Medical expense 18.0 cents/mile
Moving expense 18.0 cents/mile

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Education Credits & Deductions

American Opportunity Credit (Home) $2,500
Lifetime Learning Credit $2,000
Student Loan Interest Deduction $2,500
Coverdell Education Savings Contribution $2,000

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