Read the latest news about the tax brackets for 2017 here. Tax brackets are the divisions at which tax rates change. In another words, they are the cutoff values for taxable income — income past a certain point will be taxed at a higher rate. The United States has a progressive federal tax system with seven federal income tax brackets: 10%, 15%, 25%, 28%, 33%, 35% or 39.6%. Basically, the higher your income the higher your tax rate. Find out your tax rate below.
Every year, the Internal Revenue Service (IRS) lets you know in advance what the tax brackets will be well before the tax deadline. The IRS has announced the latest numbers for the tax year 2017, effectively starting on January 1, 2017. Here’s the latest tax brackets and tax rates.
What Are the 2017 Tax Brackets?
| Tax Rate | Single (Taxable Income) | Married Filing Jointly (Taxable Income) |
| 10% | $0 to $9,325 | $0 to $18,650 |
| 15% | $9,326 to $37,950 | $18,651 to $75,900 |
| 25% | $37,951 to $91,900 | $75,901 to $153,100 |
| 28% | $91,901 to $191,650 | $153,101 to $233,350 |
| 33% | $191,651 to $416,700 | $233,351 to $416,700 |
| 35% | $416,701 to $418,400 | $416,701 to $470,700 |
| 39.60% | $418,401 + | $470,701 + |
What Are The 2017 Standard Deduction?
| Filing Status | Standard Deduction Amount |
| Single | $6,350 |
| Married Filing Jointly | $12,700 |
| Married Filing Separately | $6,350 |
| Head of Household | $9,350 |