Federal income tax schedule 2017

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More than 1million returns are expected to be filed this year. The top marginal income tax rate of 39. Net amount subject to federal income tax after deductions. MAGI) in excess of the applicable threshold ($200for Single Return and $250for Joint Return).

Your federal tax rate is based on your income level and whether you are filing singly or jointly. The percentage can change annually. As you can see from the tax schedule below, there are seven income tax brackets, as well as four primary filing statuses. Brown are filing a joint return.

First, they find the $2300–23taxable income line. These charts show the tax rates on ordinary income in the first column, and the income levels that these rates apply to in the second column. If you have a $70annual salary, the same progressive tax rate applies. Unless you make less than $32.

Tax Season start date below. The Tax Cuts and Jobs Act that went into effect on Jan. Once a taxpayer has made these determinations, he (1) references the pertinent rate schedule , (2) finds the appropriate bracket (based on her taxable income ), and (3) uses the formula described in the third column to determine his federal income tax.

These schedules apply only to regular US income tax , whereas there is a second income tax , the Alternative Minimum Tax , that uses a different schedule. Protected B when completed. This is Step in completing your return. For more information, see the related line in the guide. What Is Your Refund Date?

The other marginal rates are: , , , , and. Different rates apply to various capital transactions, such as sales of stock held long-term. But those in the highest bracket don’t pay the highest rate on all their income.