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WHAT ARE THE NEW PERPOSED TAX BRACKETS. I MY INCOME IS

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WHAT ARE THE NEW...

WHAT ARE THE NEW PERPOSED TAX BRACKETS

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I MY INCOME IS 100,OOO WHAT BRAKET WOULD I BE IN

Submitted: 4 months ago.Category: Tax
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12/7/2017
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 4 months ago
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,406
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Hi my name is Mark. I will be happy to help you with your question. Your taxable income would depend on your deductions and exemptions. Are you married ?

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Customer reply replied 4 months ago
NO
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 4 months ago

There are 2 version of a tax plan. As of yet, nothing has been finalized. The standard deduction for both plans would increase to 12,000. The personal exemption would be eliminated. This leaves you $88K of taxable income. The House plan the fist $45K would be taxed at 12% and the remaining amount would be taxed at 25%. In the Senate plane there are more brackets. Approximately the first 9K is taxed at 10%. the next 30K is taxed at 12%, the next 31K is at 22% and the remaining amount would be taxed at 24%. So much for tax simplification :)

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