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Under current law a 100,000 taxable income pays $10,365 plus…

Under current law a...

Under current law a 100,000 taxable income pays $10,365 plus 25% of the amount exceeding $79,400 i.e. about $16,000. Under tax reform will the tax be $25,000?

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Under tax reform the bracket for $100,000 of taxable income will be 25%, $25,000. Under current law taxes on $100,000 of taxable income are $16,340. Does this mean a married couple will pay $7000 more?

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Answered in 16 minutes by:
11/3/2017
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,957
Experience: Taxes, Immigration, Labor Relations
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Not exactly...

12% tax rate will apply for married joint filers after the $24,000 deduction up to $90,000 of taxable income.

So assuming deductions are same -

- $90,000 * 12* = $10,800

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The 25 percent rate starts from $90,000 for joint filers who are married.

Thus with $100,000 taxable income - we have $10,000 * 25% = $2500

Total estimate will be $13,300

But please consider that deductions and taxable income will be calculated slightly differently.

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Lev
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