Individuals and firms pay out a significant portion of their income as taxes, so taxes are...

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Individuals and firms pay out a significant portion of their income as taxes, so taxes are important in both personal and corporate decisions. Our tax system is progressive. Individual Individuals pay taxes on wages, on investment income, and on the profits of proprietorships and partnerships. Taxable income is defined as gross income less a set of deductions In 2018, the personal exemption is for taxpayers and their dependents is zero. A capital gain (loss) is the profit (loss) from the sale of a capital asset for more (less) than its purchase price. In 2018, for most taxpayers a capital gain is taxed at a maximum rate of 15%, while a capital gain is taxed as ordinary income (for income consists of dividend and Interest income. Interest income (except interest on state 0, while dividends are taxed at the same rate as long-term e B. Generally, within certain limits. Projected 2018 tax rate schedules are shown for single high-income taxpayers the tax rate on long-term capital gains is 20%) and local government debt which is exempt from federal taxes) is taxed as lew interest payments are not tax deductible for individuals except for interest on t individuals and married couples filing jointly. If Your Taxable Income Is 2018 Individual Tax Rates Single Individuals. You Pay This Amount on the Base of the Bracket Plus This Percentage on the Excess over the Base (Marginal Rate) 10.0% Average Tax Rate at Top of Bracket Up to $9,525 50 10.0% $9,525-$30,700 952.50 12.0 11.5 $38,700 $82,500 4,453.50 22.0 17.1 $82,500-$157,500 14,089,50 24.0 20.4 $157,500 $200,000 32,009.50 32.0 22.8 $200,000-$500,000 45,689.50 35.0 30.1 Over $500,000 150,689.50 37.0 37.0 Standard deduction for individual: $12,000 If Your Taxable Income Is Up to $19,050 $19,050-$77,400 Married Couples Filing Joint Returns You Pay This Amount on the Base of the Bracket 80 1,905.00 Plus This Percentage on the Excess over the Base (Marginal Rate) 10.0% 12.0 320 Average Tax Rate at Top of Bracket 10.0% 11.5 333 A Individuals and firms pay out a significant portion of their income as taxes, so taxes are important in both personal and corporate decisions. Our tax system is progressive. Individual Individuals pay taxes on wages, on investment income, and on the profits of proprietorships and partnerships. Taxable income is defined as gross income less a set of deductions In 2018, the personal exemption is for taxpayers and their dependents is zero. A capital gain (loss) is the profit (loss) from the sale of a capital asset for more (less) than its purchase price. In 2018, for most taxpayers a capital gain is taxed at a maximum rate of 15%, while a capital gain is taxed as ordinary income (for income consists of dividend and Interest income. Interest income (except interest on state 0, while dividends are taxed at the same rate as long-term e B. Generally, within certain limits. Projected 2018 tax rate schedules are shown for single high-income taxpayers the tax rate on long-term capital gains is 20%) and local government debt which is exempt from federal taxes) is taxed as lew interest payments are not tax deductible for individuals except for interest on t individuals and married couples filing jointly. If Your Taxable Income Is 2018 Individual Tax Rates Single Individuals. You Pay This Amount on the Base of the Bracket Plus This Percentage on the Excess over the Base (Marginal Rate) 10.0% Average Tax Rate at Top of Bracket Up to $9,525 50 10.0% $9,525-$30,700 952.50 12.0 11.5 $38,700 $82,500 4,453.50 22.0 17.1 $82,500-$157,500 14,089,50 24.0 20.4 $157,500 $200,000 32,009.50 32.0 22.8 $200,000-$500,000 45,689.50 35.0 30.1 Over $500,000 150,689.50 37.0 37.0 Standard deduction for individual: $12,000 If Your Taxable Income Is Up to $19,050 $19,050-$77,400 Married Couples Filing Joint Returns You Pay This Amount on the Base of the Bracket 80 1,905.00 Plus This Percentage on the Excess over the Base (Marginal Rate) 10.0% 12.0 320 Average Tax Rate at Top of Bracket 10.0% 11.5 333 A