Skip to comments.Will Your Taxes Go Up or Down? A Calculator for the New Tax Bill
Posted on 12/17/2017 4:43:18 PM PST by springwater13
The Republican tax bill would cut taxes for about 75 percent of filers in 2018. How would it affect you? This chart shows how the bill would affect 220,000 real households. Answer the questions below to find the ones like yours. (The calculator covers only personal taxes. Business owners and investors could also benefit from corporate tax cuts.)
(Excerpt) Read more at nytimes.com ...
I benefit because I am married, do not itemize and won't need to with the standard deduction going to $24,000, and now qualify for a child tax credit. I was disqualified before because we made more than $110K.
3,800 cut for me
Too crude to get a precise number, but it states on average a $120 tax increase. Looking at our estimated taxable income for 2018, it looks to be a bit more than that, in the $400-500 range for a tax increase.
I wonder how it affects a person who is considered self employed making less than 5k annually. No other income.
$3020 for my family. That is about $250 extra per month.
Mine will probably go up a little. But, if the lower corporate rate is long-term good for the economy, I’ll benefit on the market side eventually, so it’s either a wash or a modest plus over time.
I sure wish they would get rid of the individual AMT, though. All of those deduction rules that you try to keep track of during the year waste your time when you do the AMT calculation and it results in the same or slightly higher taxes.
4200 for us.
4800 on this one. http://taxplancalculator.com/
Well, good for you!
This might not be the proper forum for you to brag about your annual income.
Self-employed making over $400 net income you will only have to pay Social Security taxes on that amount. You may also qualify for the EITC if that didn’t get axed. Assuming you are not married and filing as single or head of household. If children are involved, you will do even better.
About $2,600 in savings on yours, won’t give the NYT hits to see their number.
No kids and single.
Try to use a VPN before using these calculators.
That’s not a real calculator, and being liberals, the authors couldn’t resist sticking in some bias against those evil wealthy people.
“Some behavior changes could be significant: The bill creates a huge incentive for high earners to reclassify some of their wages as business income, for example.”
That’s not really a large income anymore.
My wife and I make around the same and according to the slimes calculations we’ll save 2800
Considering what we have to pay a year I’ll take it.
I don’t make $110K. My wife and I both work and make over that number though.
$110K income for a married couple that both work with kids isn’t anything to brag about either.
It’s very solidly middle class.
How is Capital Gains calculated on selling real estate ?
Can’t find anywhere in the new tax bill.
Looks like my son would save a decent amount with the tax plan. We are retired so, no change for us.
I don't believe it's changed. With the $500k capital gain exemption for a married couple on a house sale, it would take a lot to go beyond that. Since that is likely to occur in states such as CA and NY, Freepers will be delighted to see the homeowners in those states not get any additional break, even those who have lived in the same house and/or deferred capital gains for over 30 years.
BTW, the 3.8% Obamacare tax on capital gains beyond $250k (married couple; $125k single; $200K head of household) looks to still be in place. This is for most non-business capital gains.
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