Changes in Tax Rates
For 2018, most tax rates have been reduced. Additionally, the tax rates and brackets for the unearned income of a child have changed and are no longer affected by the tax situation of the child’s parents.
For 2017, there are seven federal income tax rates. The 2017 tax rates are 10 percent, 15 percent, 25 percent, 28 percent, 33 percent, 35 percent, and 39.6 percent.
The amount of tax you owe depends on your income level and filing status.
For 2018, most tax rates have been reduced. The 2018 tax rates are 10 percent, 12 percent, 22 percent, 24 percent, 32 percent, 35 percent, and 37 percent.
For 2018, the tax rates and brackets for the unearned income of a child have changed and are no longer affected by the tax situation of the child’s parents.
The new tax rates applicable to a child’s unearned income of more than $2,550 are 24 percent, 35 percent, and 37 percent.