MONTY'S TAX SERVICE
 
Home
Appointments
Download Forms
5 Ways to Pay
Hours of Operation
Tax Prep Fees
Other Services
What to Bring

Where is My Refund

What's New

What's New for the 2017 Tax Year?

Tax Changes in 2018 You Need To Know About

Standard Tax Rates

 Standard deduction 2017
(This is the deduction you get for your household while not itemizing)

Single, or Married Filing Separate

Head of Household

Married Filing Joint




$12,000

$18,000

$24,000


Earned Income Credit –
Maximum Amount
 

Three or more qualifying children

Two qualifying children

One qualifying child

$6,431

$5,716

$3,461

New Tax Brackets

Tax
Rate
Taxable income bracket Tax owed
10% $0 to $9,525 10% of taxable income
12% $9,526 to $38,700 $952.50 plus 12% of the amount over $9,525
22% $38,701 to $82,500 $4,453.50 plus 22% of the amount over $38,700
24% $82,501 to $157,500 $14,089.50 plus 24% of the amount over $82,500
32% $157,501 to $200,000 $32,089.50 plus 32% of the amount over $157,500
35% $200,001 to $500,000 $45,689.50 plus 35% of the amount over $200,000
37% $500,001 or more $150,689.50 plus 37% of the amount over $500,000
Tax rate Taxable income bracket Tax owed
10% $0 to $19,050 10% of taxable income
12% $19,051 to $77,400 $1,905 plus 12% of the amount over $19,050
22% $77,401 to $165,000 $8,907 plus 22% of the amount over $77,400
24% $165,001 to $315,000 $28,179 plus 24% of the amount over $165,000
32% $315,001 to $400,000 $64,179 plus 32% of the amount over $315,000
35% $400,001 to $600,000 $91,379 plus 35% of the amount over $400,000
37% $600,001 or more $161,379 plus 37% of the amount over $600,000
Tax rate Taxable income bracket Tax owed
10% $0 to $13,600 10% of taxable income
12% $13,601 to $51,800 $1,360 plus 12% of the amount over $13,600
22% $51,801 to $82,500 $5,944 plus 22% of the amount over $51,800
24% $82,501 to $157,500 $12,698 plus 24% of the amount over $82,500
32% $157,501 to $200,000 $30,698 plus 32% of the amount over $157,500
35% $200,001 to $500,000 $44,298 plus 35% of the amount over $200,000
37% $500,001 or more $149,298 plus 37% of the amount over $500,000

Health Insurance

For 2017, the amount used to calculate the penalty for not maintaining minimum essential health coverage is $695 or 2.5% of household income, whichever is higher.

Retirement Contributions

TYPE 2017
Traditional IRA or Roth IRA $5,500 per individual
– over 50 “catch up” An additional $1,000

Phone - 765-457-5366
   Fax   - 765-457-0462
Questions or problems regarding this web site should be directed to mamcamis@comcast.net  
Copyright © 2017 [Innovative Technologies LLC]. All rights reserved.
Last modified: Sunday January 14, 2018.