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What's a debt ceiling?
The government borrows money when spending exceeds receipts. The borrowing is done through the issue of securities by the Treasury and other federal government agencies.
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Costs up 9%
Employers' spending on health coverage for workers spiked abruptly this year
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Employment Taxes Rising
State and federal taxes are rising for employers across the U.S.
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Single Taxable Income Brackets and Rates |
Rate |
Taxable Income Bracket |
Tax Owed |
10% |
$0 to $9,700 |
10% of Taxable Income |
12% |
$9,701 to $39,475 |
$970 plus 12% of the excess over $9525 |
22% |
$39,476 to $84,200 |
$4,543 plus 22% of the excess over $37,950 |
24% |
$84,201 to $160,725 |
$14,382.50 plus 24% of the excess over $82,500 |
32% |
$160,726 to $204,100 |
$32,748.50 plus 32% of the excess over $157,500 |
35% |
$204,101 to $510,300 |
$46,628.50 plus 35% of the excess over $200,000 |
37% |
$510,301+ |
$153,798.50 plus 37% of the excess over $500,000 |
Married Filing Joint Taxable Income Brackets and Rates |
Rate |
Taxable Income Bracket |
Tax Owed |
10% |
$0 to $19,400 |
10% of taxable income |
12% |
$19,401 to $78,950 |
$1,940 plus 12% of the excess over $19,401 |
22% |
$78,951 to $168,400 |
$9,086 plus 22% of the excess over $78,951 |
24% |
$168,401 to $321,450 |
$28,765 plus 24% of the excess over $168,401 |
32% |
$321,451 to 408,200 |
$65,497 plus 32% of the excess over $321,451 |
35% |
$408,201 to $612,350 |
$93,251 plus 35% of the excess over $408,201 |
37% |
$612,351+ |
$164,709.50 plus 39.6% of the excess over $612,351 |
Head of Household Taxable Income Brackets and Rates |
Rate |
Taxable Income Bracket |
Tax Owed |
10% |
$0 to $13,850 |
10% of taxable income |
12% |
$13,851 to $52,850 |
$1,385 plus 12% of the excess over $13,851 |
22% |
$52,851 to $84,200 |
$6,065 plus 22% of the excess over $52,851 |
24% |
$84,201 to $160,700 |
$12,962 plus 24% of the excess over $84,201 |
32% |
$160,701 to $204,100 |
$31,322 plus 32% of the excess over $160,701 |
35% |
$204,101 to $510,300 |
$45,210 plus 35% of the excess over $204,101 |
37% |
$510,301+ |
$152,380 plus 37% of the excess over $510,301 |
| Source: IRS. |
- Social Security Tax at a rate of 12.4% on wages and self-employment income up to the annual Social Security wage base of $128,400.
Standard Deduction is $24,000 effective tax year 2018 for married filing jointly. $12,200 for Single and MFS.
- Capital Gains tax rates vary depending on whether the gains are short-term or long-term.
Short-term gains taxed at ordinary income tax rates.
Long-term gains and qualified dividends for MFJ taxed at
- 0% for taxable income up to
$77,200
- 15% for taxable income up to$479,000
- 20% for taxable income above $479,001 0% if taxable income falls in the 10% or 12% marginal tax brackets
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