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How does Income tax affect my income? 2017 Federal Income Tax Brackets Explained: Step by Step. Do you know how your income is being taxed? This video offers How Federal Income Tax Brackets Work. Step by Step calculation examples included. Learn More @ www.moneyandlifetv.com Find me on Twitter @ https://twitter.com/Mkchip123 Facebook @ www.facebook.com/MKChipfanpage/ The tax tables shown in the video can be found here for 2017, 2016 and 2015: 2017 Federal Income Tax Brackets: https://taxfoundation.org/2017-tax-brackets/ Federal income tax brackets 2016: https://taxfoundation.org/2016-tax-brackets/ https://www.thesimpledollar.com/understanding-income-and-tax-brackets/ After watching this video you should have a better understanding of the following: - How federal income tax brackets affect your income - At what rate your income is taxed at - 2017 federal income tax brackets - How to calculate federal income taxes on your income
What happens if you move from the top of one income tax bracket to the bottom of the next higher bracket? Would you take home less money? This video explains why not.
The Internal Revenue Service has announced the annual inflation adjustments for a number of tax-related provisions for 2018, including, of course, the latest tax rate schedules and tax tables. These are the numbers for the tax year 2018 beginning Jan. 1, 2018 (assuming that there are no big changes as the result of tax reform). They are not the numbers and tables that you’ll use to prepare your 2017 tax returns in 2018 (you’ll find them here). You’ll use these numbers to prepare your 2018 tax returns in 2019. If you aren’t expecting any significant changes in 2018, you can use the updated tax tables and other tax numbers to estimate your liability. If you expect to make more money or have a chance in your circumstances (i.e., get married, buy a house, start a business, have a baby), consider adjusting your withholding or tweaking your estimated tax payments. Tax Brackets and Tax Rates. The big news is, of course, the tax brackets and tax rates for 2018. The top tax rate remains 39.6%. The other marginal rates are: 10%, 15%, 25%, 28%, 33% and 35% (there is also a zero rate). Tax Brackets and Tax Rates. The big news is, of course, the tax brackets and tax rates for 2018. The top tax rate remains 39.6%. The other marginal rates are: 10%, 15%, 25%, 28%, 33% and 35% (there is also a zero rate). - For 2018, the additional standard deduction amount for the aged or the blind is $1,300. The additional standard deduction amount increases to $1,600 for unmarried taxpayers. - For 2018, the standard deduction for a taxpayer who can be claimed as a dependent by another taxpayer cannot exceed the greater of (a) $1,050 or (b) $350 plus the dependent’s earned income. For high-income taxpayers who itemize their deductions, the Pease limitations, named after former Rep. Don Pease (D-OH) may cap or phase out certain deductions. Article link: https://www.msn.com/en-us/money/taxes/irs-announces-2018-tax-brackets-standard-deduction-amounts/ar-AAtJDQj?li=BBmkt5R&ocid=spartanntp To donate to RTWH, click here: https://www.paypal.me/RTWH Ignore tags: IRS Announces 2018 Tax Brackets, Standard Deduction Amounts IRS Announces 2018 Tax Brackets, Standard Deduction Amounts IRS Announces 2018 Tax Brackets, Standard Deduction Amounts IRS Announces 2018 Tax Brackets, Standard Deduction Amounts
Check out my newest video that covers the numbers in the Final Bill that did pass and will become law. It also provides a website tool you can use to calculate your own specific tax scenario. https://www.youtube.com/watch?v=SQMpXVOoDck Wanted to get a video out showing the actual numbers of the House Tax Reform Bill passed almost two weeks ago. Below are the links to the source material I used for reference. House Bill Details https://www.washingtonpost.com/news/wonk/wp/2017/11/16/the-house-is-voting-on-its-tax-bill-thursday-heres-what-is-in-it/?utm_term=.eea1ccf583af House vs Senate Details https://www.bloomberg.com/graphics/2017-senate-vs-house-tax-bills/ 2014/2015 Tax Stats https://www.irs.gov/pub/irs-soi/16taxstatscard.pdf 2017 Tax Table https://www.irs.gov/pub/irs-dft/i1040tt--dft.pdf 2017 EITC Limits https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit/eitc-income-limits-maximum-credit-amounts-next-year 2017 EITC Table - https://apps.irs.gov/app/vita/content/globalmedia/earned_income_credit_table_1040i.pdf
Visit our site (http://taxreformnews.com/trump-tax-rates/) for more details around tax reform. President Trump revealed his new tax plan on April 26, 2017. In that plan, he revealed his new tax rates. It was a very brief plan and did not provide a lot of details about how the base for the rates would be calculated. Personal Tax Rates One of Donald Trump’s biggest promises was to make sure that people are paying less tax. As part of this plan he wants to lower tax rates. His latest tax plan has him reducing tax rates for individuals but it is not clear what the income ranges are. Donald Trump will have 3 income tax rates for individuals if he were to draft legislation himself. Those 3 rates are 10%, 25%, and 35%. This would bring down the highest rates for individuals from 39.6% President Trump’s income tax rates changed from his initial plan. His initial plan called for income tax rates for individuals of 0%, 10%, 20% and 25%. His 0% rate would have meant that millions of americans would not have had to pay tax if they were not above a certain income tax bracket. Now it seems that those americans might have to pay tax. This likely occurred because Mr. Trump needs to make up revenue that he lost by not passing the Repeal and Replace Obamacare legislation. Corporate Tax Rates Donald Trump also had a large goal of reducing tax rates for corporations because he believes it disincentives businesses from manufacturing and locating jobs in the United States. Because of this belief, he wants the corporate tax rate to be just 15% for all businesses. Theoretically businesses could take advantage of this low rate by establishing a business as a sole proprietor. Trump obviously took the priority of reducing business taxes versus reducing taxes for individuals. Some might say this favors this wealthy, but I think he did this to incentivize individuals to starting their own business versus relying on corporations for a wage.
There are seven federal income tax brackets for the year 2017 👉 Depend On your Income, tax is payable
Rep. Andy Biggs (R-Ariz.) on reducing the tax brackets and whether Trump’s tax plan will pay for itself.
A few updates and some Head of Household side by side examples compared to House Bill numbers. 2017 Tax Table https://www.irs.gov/pub/irs-dft/i1040tt--dft.pdf 2017 EITC Calculator http://www.eitcoutreach.org/help/