Accounting Tax return assignment
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2017 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 $ 9,325 ………10% $ 0 $ 0 $ 13,350 ………10% $ 0
9,325 37,950 $ 932.50 1 15% 9,325 13,350 50,800 $ 1,335.00 1 15% 13,350
37,950 91,900 5,226.25 1 25% 37,950 50,800 131,200 6,952.50 1 25% 50,800
91,900 191,650 18,713.75 1 28% 91,900 131,200 212,500 27,052.50 1 28% 131,200
191,650 416,700 46,643.75 1 33% 191,650 212,500 416,700 49,816.50 1 33% 212,500
416,700 418,400 120,910.25 1 35% 416,700 416,700 444,550 117,202.50 1 35% 416,700
418,400 ……… 121,505.25 1 39.6% 418,400 444,550 ……… 126,950.00 1 39.6% 444,550
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 $ 18,650 ………10% $ 0 $ 0 $ 9,325 ………10% $ 0
18,650 75,900 $ 1,865.00 1 15% 18,650 9,325 37,950 $ 932.50 1 15% 9,325
75,900 153,100 10,452.50 1 25% 75,900 37,950 76,550 5,226.25 1 25% 37,950
153,100 233,350 29,752.50 1 28% 153,100 76,550 116,675 14,876.25 1 28% 76,550
233,350 416,700 52,222.50 1 33% 233,350 116,675 208,350 26,111.25 1 33% 116,675
416,700 470,700 112,728.00 1 35% 416,700 208,350 235,350 56,364.00 1 35% 208,350
470,700 ……… 131,628.00 1 39.6% 470,700 235,350 ……… 65,814.00 1 39.6% 235,350
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
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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 2017 2018
Single $ 6,350 $12,000 Married, filing jointly 12,700 24,000 Surviving spouse 12,700 24,000 Head of household 9,350 18,000 Married, filing separately 6,350 12,000
Amount of Each Additional Standard Deduction Filing Status 2017 2018
Single $1,550 $1,600 Married, filing jointly 1,250 1,300 Surviving spouse 1,250 1,300 Head of household 1,550 1,600 Married, filing separately 1,250 1,300
Personal and Dependency Exemption 2017 2018*
$4,050 $4,150
* Note: Exemption deductions have been suspended from 2018 through 2025.
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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 2018
Taxable Income The Tax Is:
Over— But not Over—
Of the Amount Over—
$ 0 $ 2,550 10% $ 0
2,550 9,150 $ 255.00 1 24% 2,550
9,150 12,500 1839.00 1 35% 9,150
12,500 ……… 3,011.50 1 37% 12,500
Income Tax Rates—C Corporations, 2018 and after
For all income levels, the tax rate is 21%.
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