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Make $ 125,000 in 2018? Here's how much a tax can be expected – The Motley Fool



Tax reform measures were adopted over a year ago, and many lawmakers pointed to the huge tax cuts that many Americans would receive. Now, taxpayers will get their first crack by seeing how much influence the new tax laws will have when implementing their returns in 2018.

Everyone's situation is different so you really need to roll your sleeves and use them your own numbers for To be absolutely sure if you get a tax credit, and if so, how big it will be. But in general, households in the upper middle ages, producing $ 125,000 – about twice the average household income – will see a large number of results. The biggest question is whether you specify your deductions or take standard deductions. Below we will look at a few examples that can shade the light of the impact of the tax reform.

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Tax breaks for upper middle income families

Tax reforms provided more incentives for families. The most important thing was doubling the child allowance, which helped to compensate for the fact that personal exemptions disappeared under the legislation in favor of a larger standard deduction. In addition, the child's tax relief has been phased out for those who generate income above certain levels, but much higher thresholds now apply.

Look at a couple with two children who file together and together make $ 125,000 from their jobs. We assume they have never specified. Look at the math, here's how much a tax credit they get:

Item

2017 Tax Year

2018 Tax Year

Gross Income

$ 125,000

$ 125,000

Standard deduction

$ 125,000

Standard deduction

$ 125,000

Standard deduction

($ 12,700)

($ 24,000)

Personal Exemption

($ 16,200)

Not Available

Taxable Income

$ 96,100

$ 101,000

Tentative Tax

] $ 15,503

$ 14,099

Tax credits

$ 1,250

$ 4,000

Net tax is due

$ 14,253

$ 10,099


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