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How the new GOP tax law will affect your finances next year

Business Insider logo Business Insider 11/30/2018 Áine Cain and Hillary Hoffower

The Republican tax plan is now the law of the land.

That means it's time for American taxpayers to brace for some major changes. The new law retains seven income tax brackets but alters the ranges. Personal exemptions have been eliminated, but the standard deduction has increased. 

These changes to Americans' tax brackets will kick in when you file your 2018 taxes before Tax Day on April 15 in 2019.

Related video: Why the tax code overhaul may cost you next year (provided by KCRA Sacramento)

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How the new tax bracket shift affects you comes down to several factors, like how much you earn and whether you're married.

Here's how the new 2018 income tax brackets will affect both single and married Americans a screenshot of a cell phone © Skye Gould/Business Insider

Here's how the new 2018 income tax brackets and increased standard deductions break down for every type of taxpayer.

2018 tax brackets and income ranges for single taxpayers
  • 10%: $0 to $9,525 of taxable income
  • 12%: $9,526 to $38,700
  • 22%: $38,701 to $82,500
  • 24%: $82,501 to $157,500
  • 32%: $157,501 to $200,000
  • 35%: $200,001 to $500,000
  • 37%: over $500,000
  • Standard deduction: $12,000
2018 tax brackets and income ranges for married taxpayers filing jointly and surviving spouses
  • 10%: $0 to $19,050 of taxable income
  • 12%: $19,051 to $77,400
  • 22%: $77,401 to $165,000
  • 24%: $165,001 to $315,000
  • 32%: $315,001 to $400,000
  • 35%: $400,001 to $600,000
  • 37%: over $600,000
  • Standard deduction: $24,000
2018 tax brackets and income ranges for taxpayers filing as head of household
  • 10%: $0 to $13,600 of taxable income
  • 12%: $13,601 to $51,800
  • 22%: $51,801 to $82,500
  • 24%: $82,501 to $157,500
  • 32%: $157,501 to $200,000
  • 35%: $200,001 to $500,000
  • 37%: over $500,000
  • Standard deduction: $18,000
2018 tax brackets and income ranges for married taxpayers filing separately
  • 10%: $0 to $9,525 of taxable income
  • 12%: $9,526 to $38,700
  • 22%: $38,701 to $82,500
  • 24%: $82,501 to $157,500
  • 32%: $157,501 to $200,000
  • 35%: $200,001 to $300,000
  • 37%: over $300,000
  • Standard deduction: $12,000
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