2017 Federal Income Tax Table 1040ez

Asa Girona November 6, 2017 Uncategorized Leave a comment 2,594 Views

As Americans across the country prepare to file their taxes, the 2017 Federal Income Tax Table 1040ez is an important resource for many. This tax table outlines the different income thresholds, filing statuses and applicable tax rates that taxpayers need to know in order to accurately and efficiently complete their return. Understanding this tax table can help taxpayers to maximize the deductions and credits available to them, and reduce their overall tax burden.

The 2017 Federal Income Tax Table 1040ez has been updated from previous years to reflect the changes included in the Tax Cuts and Jobs Act. This act, passed by Congress in December of 2017, made significant changes to the individual income tax system, including lower tax brackets and a larger standard deduction. The new tax table also reflects changes to other tax credits and deductions, such as the Child Tax Credit and the Earned Income Tax Credit. Knowing how these changes will affect your tax situation is essential for filing your taxes correctly and getting the most out of your return.

The 1040ez is used by taxpayers who have taxable income below $100,000 and meet certain other criteria. This form is generally simpler than other forms and requires less information to fill out, thus making it easier and faster to complete. It’s important to note, however, that if you are eligible to use the 1040ez, you may not be eligible to claim certain deductions or credits, so it’s important to review the tax table carefully before completing your return.

The 2017 Federal Income Tax Table 1040ez is divided into three main sections: filing status, taxable income, and tax rate. The filing status section lists the different filing statuses and their corresponding thresholds, such as single, married filing jointly, and head of household. The taxable income section lists the different income thresholds for each filing status and the applicable tax rates. Finally, the tax rate section lists the different tax rates that apply to each filing status and taxable income level.

It’s important to understand how the 2017 Federal Income Tax Table 1040ez works in order to ensure you are taking advantage of all available deductions and credits, as well as to ensure you are paying the correct amount of tax. To do this, you must first determine your filing status and then find your taxable income. Once you have both of these figures, you can look up the appropriate tax rate based on your filing status and taxable income.

Understanding the 2017 Federal Income Tax Table 1040ez can help taxpayers to reduce their tax burden and get the most out of their return. Knowing the different filing statuses, income thresholds, and tax rates can help taxpayers to maximize their deductions and credits, resulting in a lower tax bill. As always, it’s important to consult a tax professional for specific questions about your taxes.

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