Everyone needs to file tax return ( unless you fall among those who do not require to file tax return) after paying tax . For that you need to visit the tax bracket annouced by IRS . This year also , IRS annouced new tax bracket applicable for the year 2017 . Some key provisions and tax rate brackets amounts that have changed or stayed the same for the 2017 tax year are Tax brackets, Standard deduction,Personal exemption,Itemized deductions,alernative minimum tax, Earned Income Tax Credit, Lifetime Learning Credit. …
Adoption Tax Credit. Here is the new tax bracket for the year 2017
2017 Income Tax Brackets
Here are the new 2017 tax brackets:
| Tax Rates | Tax Brackets for Single Filer | Tax Brackets for Married Filing Jointly | Tax Brackets for Married Filing Separately | Tax Brackets for Head of Household |
|---|---|---|---|---|
| 10% | $0-$9,325 | $0-$18,650 | $0-$9,325 | $0-$13,350 |
| 15% | $9,325-$37,950 | $18,650-$75,900 | $9,325-$37,950 | $13,350-$50,800 |
| 25% | $37,950-$91,900 | $75,900-$153,100 | $37,950-$76,550 | $50,800-$131,200 |
| 28% | $91,900-$191,650 | $153,100-$233,350 | $76,550-$116,675 | $131,200-$212,500 |
| 33% | $191,650-$416,700 | $233,350-$416,700 | $116,675-$208,350 | $212,500-$416,700 |
| 35% | $416,700-$418,400 | $416,700-$470,700 | $208,350-$235,350 | $416,700-$444,550 |
| 39.6% | $418,400+ | $470,700+ | $235,350+ | $444,550+ |
2017 Standard Deductions & Exemptions
| Filing Status: | Deduction Amount: |
|---|---|
| Single | $6,350 |
| Married Filing Separately | $6,350 |
| Married Filing Jointly | $12,700 |
| Head of Household | $9,350 |
| Dependent Exemption | $1,050 |
| Personal Exemption | $4,050 |