For 99.3 percent of households, the new tax law will make no changes in their income taxes.  But, for the first time since 1993, top earners will see higher federal taxes for 2013.

The first $8,925 of taxable income ($17,850 for married filing jointly; $12,750 for heads of household) is still taxed at 10 percent for everyone.  Up to $36,250 for singles, the rate is 15 percent of the excess; up to $87,850, it's 25 percent.  The rates creep up pretty much as they had, but once taxable income rises to $398,350 for everyone- single, married or head of household - the tax rate is 33 percent of the excess.  Up to $400,000 ($450,000 for married, $425,000 for head of household), the marginal rate is 35 percent.  Anything over that bracket is taxed at 39.6 percent - still lots lower than during World War II.

Standard deductions rise a bit; so do personal exemptions.  But some of the itemized deductions are phased out for high-income taxpayers.  The AMT exemptions have gone up to $80,750 for couples, and $51,900 for singles and heads of households.

http://www.nickersonpa.com/