July 1 marks the day when employers begin implementing the lower withholding rates mandated by the new tax law signed into law this spring. For some households that will mean an extra $20 or more a paycheck (hey, it adds up).
The law extended the 10 percent tax rate to cover the first $7,000 of taxable income for single persons (up from $6,000 -- an annual savings of $50 right there). It's extended to $14,000 for married couples. That helps all taxpayers.
There's also "marriage-penalty" relief: The standard deduction for married couples is going up to $9,500 (that makes it exactly twice the standard deduction for singles) and the 15 percent tax rate will be extended to $56,800 (from $46,450) of taxable income.
In addition, each tax bracket above 15 percent has been cut by 2 percentage points except the highest rate, which fell from 38.6 percent to 35 percent.
Source: CNN
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