Now
that tax overhaul is nearly a month old, it is important for taxpayers to
understand the new plan. The new tax bill has a significant effect on most
Americans at its most basic level, the individual income tax. It is extremely
important for all taxpayers to be aware of their tax bracket, which may have
changed this year. Please see the charts below for a list of the new tax rates
and brackets.

Rate | Single | Married |
10% | $0-$9,525 | 0$-$19,050 |
12% | $9,526-$38,700 | $19,051-$77,400 |
22% | $38,701-$82,500 | $77,401-$165,001 |
24% | $82,501-$157,500 | $165,001-$315,000 |
32% | $157,501-$200,000 | $315,001-$400,000 |
35% | $200,001-$500,000 | $401,000-$600,000 |
37% | Over $500,000 | Over $600,000 |
In
comparison, below is a list of the tax rates associated with specific income
brackets prior to the 2018 tax reform:
Rate | Single | Married |
10% | $0-$9,525 | 0$-$19,050 |
15% | $9,526-$38,700 | $19,051-$77,400 |
25% | $38,701-$93,700 | $77,401-$156,150 |
28% | $93,701-$195,450 | $156,151-$237,950 |
33% | $195,451-$424,950 | $237,951-$424,950 |
35% | $424,951-$426,700 | $424,951-$480,050 |
39.60% | Over $426,700 | Over $480,000 |
Please
do not hesitate to contact Morris Law Group should you have any questions about
the new tax brackets or the new plan in general.
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