assignment

2018 Tax Rate Schedules

Single—Schedule X Head of household—Schedule Z

If taxable income is: Over—

But not over— The tax is:

of the amount over—

If taxable income is: Over—

But not over— The tax is:

of the amount over—

$ 0 $ 9,525 ………10% $ 0 $ 0 $ 13,600 ………10% $ 0

9,525 38,700 $ 952.50 1 12% 9,525 13,600 51,800 $ 1,360.00 1 12% 13,600

38,700 82,500 4,453.50 1 22% 38,700 51,800 82,500 5,944.00 1 22% 51,800

82,500 157,500 14,089.50 1 24% 82,500 82,500 157,500 12,698.00 1 24% 82,500

157,500 200,000 32,089.50 1 32% 157,500 157,500 200,000 30,698.00 1 32% 157,500

200,000 500,000 45,689.50 1 35% 200,000 200,000 500,000 44,298.00 1 35% 200,000

500,000 ……… 150,689.50 1 37% 500,000 500,000 ……… 149,298.00 1 37% 500,000

Married filing jointly or Qualifying widow(er)— Schedule Y–1

Married filing separately—Schedule Y–2

If taxable income is: Over—

But not over— The tax is:

of the amount over—

If taxable income is: Over—

But not over— The tax is:

of the amount over—

$ 0 $ 19,050 ………10% $ 0 $ 0 $ 9,525 ………10% $ 0

19,050 77,400 $ 1,905.00 1 12% 19,050 9,525 38,700 $ 952.50 1 12% 9,525

77,400 165,000 8,907.00 1 22% 77,400 38,700 82,500 4,453.50 1 22% 38,700

165,000 315,000 28,179.00 1 24% 165,000 82,500 157,500 14,089.50 1 24% 82,500

315,000 400,000 64,179.00 1 32% 315,000 157,500 200,000 32,089.50 1 32% 157,500

400,000 600,000 91,379.00 1 35% 400,000 200,000 300,000 45,689.50 1 35% 200,000

600,000 ……… 161,379.00 1 37% 600,000 300,000 ……… 80,689.50 1 37% 300,000

2019 Tax Rate Schedules

Single—Schedule X Head of household—Schedule Z If taxable income is: Over—

But not over— The tax is:

of the amount over—

If taxable income is: Over—

But not over— The tax is:

of the amount over—

$ 0 $ 9,700 ………10% $ 0 $ 0 $ 13,850 ………10% $ 0

9,700 39,475 $ 970.00 1 12% 9,700 13,850 52,850 $ 1,385.00 1 12% 13,850

39,475 84,200 4,543.00 1 22% 39,475 52,850 84,200 6,065.00 1 22% 52,850

84,200 160,725 14,382.50 1 24% 84,200 84,200 160,700 12,962.00 1 24% 84,200

160,725 204,100 32,748.50 1 32% 160,725 160,700 204,100 31,322.00 1 32% 160,700

204,100 510,300 46,628.50 1 35% 204,100 204,100 510,300 45,210.00 1 35% 204,100

510,300 ……… 153,798.50 1 37% 510,300 510,300 ……… 152,380.00 1 37% 510,300

Married filing jointly or Qualifying widow(er)— Schedule Y–1

Married filing separately—Schedule Y–2

If taxable income is: Over—

But not over— The tax is:

of the amount over—

If taxable income is: Over—

But not over— The tax is:

of the amount over—

$ 0 $ 19,400 ………10% $ 0 $ 0 $ 9,700 ………10% $ 0

19,400 78,950 $ 1,940.00 1 12% 19,400 9,700 39,475 $ 970.00 1 12% 9,700

78,950 168,400 9,086.00 1 22% 78,950 39,475 84,200 4,543.00 1 22% 39,475

168,400 321,450 28,765.00 1 24% 168,400 84,200 160,725 14,382.50 1 24% 84,200

321,450 408,200 65,497.00 1 32% 321,450 160,725 204,100 32,748.50 1 32% 160,725

408,200 612,350 93,257.00 1 35% 408,200 204,100 306,175 46,628.50 1 35% 204,100

612,350 ……… 164,709.50 1 37% 612,350 306,175 ……… 82,354.75 1 37% 306,175

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Tax Formula for Individuals Income (broadly defined). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $xx,xxx Less: Exclusions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (x,xxx) Gross income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $xx,xxx Less: Deductions for adjusted gross income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (x,xxx) Adjusted gross income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $xx,xxx Less: The greater of—

Total itemized deductions or standard deduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (x,xxx)

Less: Personal and dependency exemptions*. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (x,xxx) Deduction for qualified business income** . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (x,xxx)

Taxable income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $xx,xxx Tax on taxable income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ x,xxx Less: Tax credits (including Federal income tax

withheld and prepaid). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (xxx) Tax due (or refund). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ xxx

*Exemption deductions are not allowed from 2018 through 2025. **Only applies from 2018 through 2025.

Basic Standard Deduction Amounts Filing Status 2018 2019

Single $12,000 $12,200 Married, filing jointly 24,000 24,400 Surviving spouse 24,000 24,400 Head of household 18,000 18,350 Married, filing separately 12,000 12,200

Amount of Each Additional Standard Deduction Filing Status 2018 2019

Single $1,600 $1,650 Married, filing jointly 1,300 1,300 Surviving spouse 1,300 1,300 Head of household 1,600 1,650 Married, filing separately 1,300 1,300

Personal and Dependency Exemption* 2018 2019

$4,150 $4,200

* Note: Exemption deductions have been suspended from 2018 through 2025. However, the personal and dependency exemption amount is used for other purposes (including determining whether a “qualifying relative” is a taxpayer’s dependent).

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AMT Formula for Individuals Taxable income (increased by any standard deduction taken) Plus or minus: Adjustments Plus: Preferences Equals: Alternative minimum taxable income (AMTI) Minus: Exemption Equals: Alternative minimum tax (AMT) base Multiplied by: 26% or 28% rate Equals: Tentative minimum tax before foreign tax credit Minus: AMT foreign tax credit Equals: Tentative minimum tax (TMT) Minus: Regular tax liability (less any foreign tax credit) Equals: AMT (if TMT > regular tax liability)

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Income Tax Rates—Estates and Trusts

Tax Year 2019

Taxable Income The Tax Is:

Over— But not Over—

Of the Amount Over—

$ 0 $ 2,600 10% $ 0

2,600 9,300 $ 260.00 1 24% 2,600

9,300 12,750 1868.00 1 35% 9,300

12,750 ……… 3,075.50 1 37% 12,750

Income Tax Rates—C Corporations, 2018 and after

For all income levels, the tax rate is 21%.

Unified Transfer Tax Rates

For Gifts Made and for Deaths after 2012

If the Amount with Respect to Which the Tentative Tax to Be Computed Is:

The Tentative Tax Is:

Not over $10,000 18 percent of such amount. Over $10,000 but not over $20,000 $1,800, plus 20 percent of the excess of such amount over $10,000. Over $20,000 but not over $40,000 $3,800, plus 22 percent of the excess of such amount over $20,000. Over $40,000 but not over $60,000 $8,200, plus 24 percent of the excess of such amount over $40,000. Over $60,000 but not over $80,000 $13,000, plus 26 percent of the excess of such amount over $60,000. Over $80,000 but not over $100,000 $18,200, plus 28 percent of the excess of such amount over $80,000. Over $100,000 but not over $150,000 $23,800, plus 30 percent of the excess of such amount over $100,000. Over $150,000 but not over $250,000 $38,800, plus 32 percent of the excess of such amount over $150,000. Over $250,000 but not over $500,000 $70,800, plus 34 percent of the excess of such amount over $250,000. Over $500,000 but not over $750,000 $155,800, plus 37 percent of the excess of such amount over $500,000. Over $750,000 but not over $1,000,000 $248,300, plus 39 percent of the excess of such amount over $750,000. Over $1,000,000 $345,800, plus 40 percent of the excess of such amount over $1,000,000.

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