2018 Tax Brackets, Tax Rates and Standard Deductions

I am not a tax attorney. Since the tax reform affects everyone who pays taxes, I thought I should share it. The Republican Tax Cut & Jobs Act (tax reform) the 2018 tax brackets, tax rates and standard deduction amounts have been revised. Many are still focusing on the 2017 taxes for tax filing purposes, but these have not been impacted by the by the tax reform. So, it is on to the 2018 tax brackets, which are below:

tax rates single filer tax bracket married filing jointly tax bracket married filing separately tax bracket head of household bracket
10% $0-$9525 $0-19,050 $0-9525 $0-13,600
12% $9,525-38,700 $19,050-77,400 $9525-38,700 $13,600-51,800
22% $38,700-82,500 $77,400-165,000 $38,700-82,500 $51,800-82,500
24% $82,500-157,500 $165,000-315,000 $82,500-157,500 $82,500-157,500
32% $157,500-200,00 $315,000-400,000 $157,500-200,000 $157,500-200,000
35% $200,000-500,000 $400,000-600,000 $200,000-$300,000 $200,000-500,000
37% $500,000+ $600,000+ $300,000+ $500,000+

Note that the personal exemption amount is eliminated. The standard deduction and exemption amounts have changed as well. They are:

filing status deduction amount
single $12,000
married filing separately $12,000
married filing jointly $24,000
head of household $18,000
personal exemption $0