Income Calculator Usa 2018
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Reviewed by Calculator Editorial Team
Calculate your net income for the 2018 tax year in the USA using this comprehensive income calculator. Understand how federal income tax, Social Security tax, and Medicare tax affect your take-home pay.
How to Use This Calculator
This income calculator helps you estimate your net income after taxes for the 2018 tax year. Simply enter your gross income and select your filing status to see your estimated net income.
The calculator uses the 2018 tax brackets and rates to provide an accurate estimate. Keep in mind that this is an estimate and your actual tax liability may vary based on your specific circumstances.
2018 Tax Brackets
The 2018 federal income tax brackets for single filers are as follows:
| Taxable Income | Tax Rate |
|---|---|
| $0 - $9,525 | 10% |
| $9,526 - $38,700 | 12% |
| $38,701 - $82,500 | 22% |
| $82,501 - $157,500 | 24% |
| $157,501 - $200,000 | 32% |
| $200,001 - $500,000 | 35% |
| $500,001+ | 37% |
The tax brackets for married filing jointly, head of household, and other filing statuses are different. The calculator accounts for these differences when you select your filing status.
Standard Deduction
The standard deduction for single filers in 2018 was $12,000. This amount reduces your taxable income, which can lower your tax liability.
For married filing jointly, the standard deduction was $24,000. The standard deductions for other filing statuses were different.
Note: The standard deduction is an amount that reduces your taxable income. If you itemize deductions, you may be able to lower your tax liability further.
Example Calculation
Let's say you earn $50,000 as a single filer in 2018. Here's how the calculation works:
- Subtract the standard deduction ($12,000) from your gross income to get your taxable income: $50,000 - $12,000 = $38,000.
- Calculate the tax owed based on the 2018 tax brackets:
- $9,525 at 10% = $952.50
- ($38,000 - $9,525) at 12% = $28,475 × 0.12 = $3,417
- Total tax owed = $952.50 + $3,417 = $4,369.50
- Calculate Social Security tax (6.2% of your gross income): $50,000 × 0.062 = $3,100.
- Calculate Medicare tax (1.45% of your gross income): $50,000 × 0.0145 = $725.
- Total taxes = $4,369.50 + $3,100 + $725 = $8,194.50.
- Net income = Gross income - Total taxes = $50,000 - $8,194.50 = $41,805.50.
Using the calculator, you would enter $50,000 as your gross income and select "Single" as your filing status to get this result.