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Tax Rates & Deductions- 2015 Returns

01/26/2016 12:59 AM ⋅

TAX RATES & DEDUCTIONS FOR 2015 TAX RETURNS/ FILED IN 2016:

TAX RATES:

SINGLE: TAXABLE INCOME
0 to 9225                   X           10%          Minus         0.00                 Equals TAX
9226 to 37450           X           15%          Minus         461.25             Equals TAX
37451 to 90750         X           25%          Minus         4206.25           Equals TAX
90751 to 189300       X           28%          Minus         6928.75           Equals TAX
189301 to 411500     X           33%          Minus         16393.75         Equals TAX
411501 to 413200     X           35%          Minus         24623.75         Equals TAX
413201 and up          X           39.60%     Minus         43630.95         Equals TAX

MFJ/QW:TAXABLE INCOME
0 to 18450                 X           10%          Minus         0.00                 Equals TAX
18451 to 74900         X           15%          Minus         922.50             Equals TAX
74901 to 151200       X           25%          Minus         8412.50           Equals TAX
151201 to 230450     X           28%          Minus         12948.50         Equals TAX
230451 to 411500     X           33%          Minus         24471.50         Equals TAX
411501 to 464850     X           35%          Minus         32701.00         Equals TAX
464851 and up          X           39.60%     Minus         54084.10         Equals TAX

HOH: TAXABLE INCOME
0 to 13150                 X           10%          Minus         0.00                 Equals TAX
13151 to 50200         X           15%          Minus         657.50             Equals TAX
50201 to 129600       X           25%          Minus         5677.50           Equals TAX
129601 to 209850     X           28%          Minus         9565.50           Equals TAX
209851 to 411500     X           33%          Minus         20058.00         Equals TAX
411501 to 439000     X           35%          Minus         28288.00         Equals TAX
439001 and up          X           39.60%     Minus         48482.00         Equals TAX

MFS: TAXABLE INCOME
0 to 9225                   X           10%          Minus         0.00                 Equals TAX
9226 to 37450           X           15%          Minus         461.25             Equals TAX
37451 to 75600         X           25%          Minus         4206.25           Equals TAX
75601 to 115225       X           28%          Minus         6474.25           Equals TAX
115226 to 205750     X           33%          Minus         12235.50         Equals TAX
205751 to 232425     X           35%          Minus         16350.50         Equals TAX
232426 and up          X           39.60%     Minus         27042.05         Equals TAX

STANDARD DEDUCTIONS:

SINGLE/MFS             6300
MFJ/QW                    12600
HOH                           9250

Additional added if 65 or older or blind/per person, per event:
MFJ/QW/MFS            plus 1250
S/HOH                       plus 1550

PERSONAL EXEMPTIONS:      4000 Per Person

STANDARD MILEAGE RATES:

BUSINESS                 57.5 Cents per Mile
CHARITABLE            14 Cents per Mile
MEDICAL                   23 Cents per Mile
MOVING                    23 Cents per Mile

EIC MAXIMUM INCOME LIMITS:
CHILDREN:           NONE              1                 2                  3
MFJ                       20330        44651        49974          53267
S/HOH/QW           14820        39131         44454         47747

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IRS Begins Accepting Returns January 20th, 2015

12/31/2014 1:45 AM ⋅

Despite rumors of the IRS starting tax season later than the previous years, the IRS has now said it will begin accepting tax returns on January 20, 2015. Congress did indeed seem to drag their feet for quite awhile, knowing many Tax-Extenders had expired at the end of 2013, but thankfully, they finally decided to continue with many of the Tax-Extenders, and the legislation was signed into law on Dec. 19, 2014. Unfortunately, they only extended them through Dec. 31, 2014! It would make more sense for them to set a longer extension, instead of having to revisit this topic at the last minute each year. But, oh the politics!

Some of the popular tax breaks that were extended for 2014 include:

Educator Expense- up to $250

Deduction of PMI (Private Mortgage Insurance)

Deduction of State Sales Tax in lieu of State Income Tax

Mortgage Debt Forgiveness

Tax-Free Distributions from an IRA for Charitable Purposes

Increased Section 179 Expense Limits

 

Posted in: Financial Tips, News to Know, Tax, Tax Deductions and Credits, Tax Rates ⋅ Tagged: , ,

2015 Standard Mileage Rates

12/31/2014 12:39 AM ⋅

2015- Standard Mileage Rates

(cents per mile for 2015 Tax Returns)

Business                      57.5

Medical/Moving         23

Charitable                   14

Posted in: Financial Tips, News to Know, Tax, Tax Deductions and Credits, Tax Rates ⋅ Tagged: , ,

Tax Rates – 2014 Returns

12/19/2014 5:25 AM ⋅

Federal Tax Rates for Tax Year: 2014

Single Taxpayers:

tax chart

Married Filing Jointly and Surviving Spouses:

 

 

 

 

Head Of Household:

Married Filing Separately:

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New Surtaxes 2013

12/15/2013 1:50 AM ⋅

In addition to regular income tax rates, some taxpayers may find that one or more surtaxes will apply to their incomes:

A 3.8% net investment income surtax applies if adjusted gross income (with some modifications) exceeds certain thresholds.

 

Net Investment Income Tax Thresholds
Filing   status Modified   Adjusted Gross Income
Married   Filing Jointly or Qualifying Widow(er) $250,000
Single or   Head of Household $200,000
Married   Filing Separately $125,000

 

 

And an additional Medicare surtax of 0.9% on wages or net-self employment income above certain thresholds.

 

Additional Medicare Tax Thresholds
Filing   status Medicare   Wages and/or Self-Employed Income in Excess of
Married   Filing Jointly $250,000
Single or   Head of Household or Qualifying Widow(er) $200,000
Married   Filing Separately $125,000
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2013 vs. 2012 Tax Rates

12/08/2013 1:56 AM ⋅

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2013 vs. 2012 Tax Rates

2013 vs. 2012 Tax Rates[bigContact phones=on emails=on]

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Tax Rates – 2013 Returns

01/23/2013 11:45 PM ⋅
Federal Tax Rates for Tax Year: 2013
Filing Status: Single
Taxable Income Range: Times % Minus Equals Tax
0 to 8925 X 10 Minus 0 Equals Tax
8926 to 36250 X 15 Minus 446.25 Equals Tax
36251 to 87850 X 25 Minus 4071.25 Equals Tax
87851 to 183250 X 28 Minus 6706.75 Equals Tax
183251 to 398350 X 33 Minus 15869.25 Equals Tax
398351 to 400000 X 35 Minus 28836.25 Equals Tax
400001 and Up X 39.6 Minus 42236.25 Equals Tax
Federal Tax Rates for Tax Year: 2013
Filing Status: Married Filing Joint or Qualifying Widower
Taxable Income Range: Times % Minus Equals Tax
0 to 17850 X 10 Minus 0 Equals Tax
17851 to 72500 X 15 Minus 892.5 Equals Tax
72501 to 146400 X 25 Minus 8142.5 Equals Tax
146401 to 223050 X 28 Minus 12534.5 Equals Tax
223051 to 398350 X 33 Minus 23687 Equals Tax
398351 to 450000 X 35 Minus 31654 Equals Tax
450001 and Up X 39.6 Minus 52354 Equals Tax
Federal Tax Rates for Tax Year: 2013
Filing Status: Married Filing Separate
Taxable Income Range: Times % Minus Equals Tax
0 to 8925 X 10 Minus 0 Equals Tax
8926 to 36250 X 15 Minus 446.25 Equals Tax
36251 to 73200 X 25 Minus 4071.25 Equals Tax
73201 to 111525 X 28 Minus 6267.25 Equals Tax
111526 to 199175 X 33 Minus 11843.5 Equals Tax
199176 to 225000 X 35 Minus 15827 Equals Tax
225001 and Up X 39.6 Minus 26177 Equals Tax
Federal Tax Rates for Tax Year: 2013
Filing Status: Head of Household
Taxable Income Range: Times % Minus Equals Tax
0 to 12750 X 10 Minus 0 Equals Tax
12751 to 48600 X 15 Minus 637.5 Equals Tax
48601 to 125450 X 25 Minus 5497.5 Equals Tax
125451 to 203150 X 28 Minus 9261 Equals Tax
203151 to 398350 X 33 Minus 19418.5 Equals Tax
398351 to 425000 X 35 Minus 27385.5 Equals Tax
425001 and Up X 39.6 Minus 46935.5 Equals Tax
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Tax Rates- 2012 Returns

01/23/2013 11:36 PM ⋅

 

Federal Tax Rates for Tax Year: 2012
Filing Status: Single
Taxable Income Range: Times % Minus Equals Tax
0 to 8700 X 10 Minus 0 Equals Tax
8701 to 35350 X 15 Minus 435 Equals Tax
35351 to 85650 X 25 Minus 3970 Equals Tax
85651 to 178650 X 28 Minus 6539.5 Equals Tax
178651 to 388350 X 33 Minus 15472 Equals Tax
388351 and Up X 35 Minus 23239 Equals Tax
Filing Status: Married Filing Joint or Qualifying Widower
Taxable Income Range: Times % Minus Equals Tax
0 to 17400 X 10 Minus 0 Equals Tax
17401 to 70700 X 15 Minus 870 Equals Tax
70701 to 142700 X 25 Minus 7940 Equals Tax
142701 to 217450 X 28 Minus 12221 Equals Tax
217451 to 388350 X 33 Minus 23093.5 Equals Tax
388351 and Up X 35 Minus 30860.5 Equals Tax
Filing Status:Married Filing Separate
Taxable Income Range: Times % Minus Equals Tax
0 to 8700 X 10 Minus 0 Equals Tax
8701 to 35350 X 15 Minus 435 Equals Tax
35351 to 71350 X 25 Minus 3970 Equals Tax
71351 to 108725 X 28 Minus 6110.5 Equals Tax
108726 to 194175 X 33 Minus 11546.75 Equals Tax
194176 and Up X 35 Minus 15430.25 Equals Tax
Filing Status:Head of Household
Taxable Income Range: Times % Minus Equals Tax
0 to 12400 X 10 Minus 0 Equals Tax
12401 to 47350 X 15 Minus 620 Equals Tax
47351 to 122300 X 25 Minus 5355 Equals Tax
122301 to 198050 X 28 Minus 9024 Equals Tax
198051 to 388350 X 33 Minus 18926.5 Equals Tax
388351 and Up X 35 Minus 26693.5 Equals Tax
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