IRS Form 1040EZ Tax Table for Tax Season 2017

If you are filing your 1040ez tax forms online, you may be wondering where your income falls on the tax table. The tax table is the amount of tax that is due based on the amount of income received. The amount that you will owe for federal income taxes is based on a number of factors such as deductions, filing status, and the amount of income you earn. On a 1040ez tax table, you’ll be shown the specific dollar amount of tax that you owe. Here our tax experts will help you know the information about tax tables and how to find the one for 2017 tax season.

What is 1040EZ Tax Bracket?

Each year, the IRS calculates and adjusts about 40 tax provisions to account for inflation. This prevents something known as “bracket creep.” This is where individuals are pushed into a larger income tax bracket or have reduced value from deductions or credits because of inflation instead of actual increases in income.

Federal Income Tax Rates and Brackets for Tax Year 2017 (Estimate)

Tax  Rate Single Filing Married Joint/Widow Filing Married Separately Filing Head of Household Filing
10% $0 to $9,275 $0—$18,550 $0—$9,275 $0—$13,250
15% $9,276—$37,650 $18,551—$75,300 $9,276—$37,650 $13,251—$50,400
25% $37,651—$91,150 $75,301—$151,900 $37,651—$75,950 $50,401—$130,150
28% $91,151—$190,150 $151,901—$231,450 $75,951—$115,725 $130,151—$210,800
33% $190,151—$ 413,350 $231,451—$413,350 $115,726—$206,675 $210,801—$413,350
35% $413,351-$415,050 $413,351—$466,950 $206,676—$233,475 $413,351—$441,000
39.6% $415,051 or more $466,951 or more $233,476 or more $441,001 or more

To calculate inflation, the IRS uses the Consumer Price Index to calculate the past year’s inflation then adjusts income thresholds, credit values and deduction amounts.  For example, in 2017, the income limits for all filers and brackets will be adjusted for inflation and will be seen in Table 1. For example, single filers who earn up to $9,225 will pay a 10% tax rate while married joint filers who make up to $18,450 will also pay 10%. Head of household filers making up to $13,150 will be taxed 10%. As someone earns more money, they are required to pay more taxes.

Federal Poverty Levels (FPL) Guidelines

Like tax brackets, Federal Poverty Level Guidelines are also calculated. For example, a family of three is considered to be a Federal Poverty Level Guidelines when the total family income is $20,090 or they make $1,674.17 or less a month. A family of six is considered to be at Federal Poverty Level with a total income of $32,570 or if they make $2,714.17or less a month. For more information on Federal Poverty Level Guidelines, refer below table format.  The new 2017 federal poverty guidelines have been released.

Federal Poverty Guidelines for Tax Year 2017 (Except Alaska and Hawaii)

Household Size 100% FPL 133% FPL 250% FPL 400% FPL
1 $11,880 $15,800 $29,700 $47,550
2 $16,020 $21,307 $40,050 $64,080
3 $20,160 $26,813 $50,400 $84,640
4 $24,300  $32,319 $60,750 $97,200
5 $28,440  $37,825 $71,100 $113,760
6 $32,580 $43,331 $81,450  $130,320
7 $36,730 $48,851 $91,825 $146,920
8 $40,890 $54,384 $102,225 $163,560

Earned Income Credit Table

The Earned Income Credit is an income tax credit or earned income credit that is a refundable tax credit. It’s given to individuals and couples earning up to a moderate income, especially those with children. The amount of EITC that is given depends on the number of children and recipient’s income.

Earned Income Tax Credit Table for 2017 Tax Year

Filing Status No Chidren One Child Two Children Three/More Childs
Single or Head of Household Income at Max Credit $6,670 $10,000 $14,040 $14,040
Maximum Credit $510 $3,400 $5,616 $6,318
Phaseout Begins $8,340 $18,340 $18,340 $18,340
Phaseout Ends (Credit Equals Zero) $15,010 $39,617 $45,007 $48,340
Married Filing Jointly Income at Max Credit
Maximum Credit
Phaseout Begins
Phaseout Ends (Credit Equals Zero)
$6,670
$510
$13,930
$20,600
$10,000
$3,400
$23,930
$45,207
$14,040
$5,616
$23,930
$50,597
$14,040
$6,318
$23,930
$53,930

Source: IRS

To find the Earned Income Credit (EIC) for your 1040EZ, you’ll need to locate the EIC Table. For Step 1, you’ll need to read down the “at least—But less than” columns then fine the line that includes the amount that you were told to look up from your EIC worksheet. Then read across the column for your filing status and enter the credit from that column on your EIC Worksheet.

For example, if the amount you were told to look up from the EIC worksheet is at least $3,000 but less than $3,050, your tax credit is 231. If you are filing married and filing jointly, it is also 231. For many people, this table is relatively easy to read and should be included on your 1040EZ form.

If you are attempting to file your 1040EZ form online, you will need to be aware of and familiarize yourself with the tax tables. You’ll need to know the information so that you are aware of the amount that you’re taxed. While they may be confusing at first, they can be easily readable once you get familiar with how 1040EZ will work. For further assistance, contact us the IRS 1040EZ experts’ team.     

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