Tax Rates

Standard Mileage Rates

  2015 2014
Business 57.5 cents per mile 56 cents per mile
Charitable 14 cents per mile 14 cents per mile
Medical and Moving 23 cents per mile 23.5 cents per mile

 

Corporate Tax Rate Schedule

If Taxable Income Is The Tax Is:
Not over $50,000 15% of the taxable income
Over $50,000 but not over $75,000 $7,500 plus 25% of the amount over $50,000
Over $75,000 but not over $100,000 $13,750 plus 34% of the amount over $75,000
Over $100,000 but not over $335,000 $22,250 plus 39% of the amount over $100,000
Over $335,000 but not over $10,000,000 $113,900 plus 34% of the amount over $335,000
Over $10,000,000 but not over $15,000,000 $3,400,000 plus 35% of the amount over $10,000,000
Over $15,000,000  but not over $18,333,333 $5,150,000 plus 38% of the amount over $15,000,000
Over 18,333,333    35% of the taxable income  
Qualified personal service corporations are taxed at a flat rate of 35% of taxable income

 

Individual Tax Rate Schedules

2015

2015 Unmarried Individuals (Other than Surviving Spouses and Heads of Households)

If Taxable Income Is: The Tax Is:
Not over $9,225 10% of the taxable income
Over $9,225 but not over $37,450 $922.50 plus 15% of the excess over $9,225
Over $37,451 but not over $90,750 $5,156.25 plus 25% of the excess over $37,450
Over $90,751 but not over $189,300 $18,481.25 plus 28% of the excess over $90,750
Over $189,301 but not over $411,500 $46,075.25 plus 33% of the excess over $189,300
Over $411,501 but not over $413,200  $119,401.25 plus 35% of the excess over $411,500
Over $413,201   $119,996.25 plus 39.6% of the excess over $413,200


2015 Married Individuals Filing Joint Returns and Qualifying Widow(er)s

If Taxable Income Is: The Tax Is:
Not over $18,450 10% of the taxable income
Over $18,451 but not over $74,900 $1,845 plus 15% of the excess over $18,450
Over $74,901 but not over $151,200 $10,312.50 plus 25% of the excess over $74,900
Over $151,201 but not over $230,450 $29,387.50 plus 28% of the excess over $151,200
Over $230,450 but not over $411,500 $51,577.50 plus 33% of the excess over $230,450
Over $411,501 but not over $464,850 $111,324.00 plus 35% of the excess over $411,500
Over $464,851   $129,996.50 plus 39.6% of the excess over $464,850

2015 Married Individuals Filing Separate Returns

If Taxable Income Is: The Tax Is:
Not over $9,225 10% of the taxable income
Over $9,226 but not over $37,450 $922.50 plus 15% of the excess over $9,225
Over $37,451 but not over $75,600 $5,156.25 plus 25% of the excess over $37,450
Over $75,601 but not over $115,225 $14,693.75 plus 28% of the excess over $75,600
Over $115,226 but not over $205,750 $25,788.75 plus 33% of the excess over $115,225
Over $205,751 bur nor over $232,425 $55,662.00 plus 35% of the excess over $205,750
Over $232,426   $64,998.25 plus 39.6% of the excess over $232,425

2015 Heads of Households


If Taxable Income Is: The Tax Is:
Not over $13,150 10% of the taxable income
Over $13,151 but not over $50,200 $1,315.00 plus 15% of the excess over $13,150
Over $50,201 but not over $129,600 $6,872.50 plus 25% of the excess over $50,200
Over $129,601 but not over $209,850 $26,772.50 plus 28% of the excess over $129,600
Over $209,851 but not over $411,500 $49,192.50 plus 33% of the excess over $209,850
Over $411,501 but not over $439,000 $115,737.00 plus 35% of the excess over $411,500
Over $439,001   $125,362.00 plus 39.6% of the excess over $439,000




2014

2014 Unmarried Individuals (Other than Surviving Spouses and Heads of Households)

If Taxable Income Is: The Tax Is:
Not over $9,075 10% of the taxable income
Over $9,076 but not over $36,900 $907.50 plus 15% of the excess over $9,075
Over $36,901 but not over $89,350 $5,081.25 plus 25% of the excess over $36,900
Over $89,351 but not over $186,350 $18,193.75 plus 28% of the excess over $89,350
Over $186,351 but not over $405,100 $45,353.75 plus 33% of the excess over $186,350
Over $405,101 but not over $406,750  $117,541.25 plus 35% of the excess over $405,100
Over $406,751   $118,118.75 plus 39.6% of the excess over $406,750


2014 Married Individuals Filing Joint Returns and Qualifying Widow(er)s

If Taxable Income Is: The Tax Is:
Not over $18,150 10% of the taxable income
Over $18,151 but not over $73,800 $1,815 plus 15% of the excess over $18,150
Over $73,801 but not over $148,850 $10,162.50 plus 25% of the excess over $73,800
Over $148,851 but not over $226,850 $28,925.00 plus 28% of the excess over $148,850
Over $226,851 but not over $405,100 $50,765.00 plus 33% of the excess over $226,850
Over $405,101 but not over $457,600 $109,587.50 plus 35% of the excess over $405,100
Over $457,601   $127,962.50 plus 39.6% of the excess over $457,600

2014 Married Individuals Filing Separate Returns

If Taxable Income Is: The Tax Is:
Not over $9,075 10% of the taxable income
Over $9,076 but not over $36,900 $907.50 plus 15% of the excess over $9,075
Over $36,901 but not over $74,425 $5,081.25 plus 25% of the excess over $36,900
Over $74,426 but not over $113,425 $14,462.50 plus 28% of the excess over $74,425
Over $113,426 but not over $202,550 $25,382.50 plus 33% of the excess over $113,425
Over $202,551 bur nor over $228,800 $54,793.75 plus 35% of the excess over $202,550
Over $228,801   $63,981.25 plus 39.6% of the excess over $228,800


2014 Heads of Households


If Taxable Income Is: The Tax Is:
Not over $12,950 10% of the taxable income
Over $12,951 but not over $49,400 $1,295.00 plus 15% of the excess over $12,950
Over $49,401 but not over $127,550 $6,762.50 plus 25% of the excess over $49,400
Over $127,551 but not over $206,600 $26,300.00 plus 28% of the excess over $127,550
Over $206,601 but not over $405,100 $48,434.00 plus 33% of the excess over $206,600
Over $405,101 but not over $432,200 $113,939.00 plus 35% of the excess over $405,100
Over $432,201   $123,424.00 plus 39.6% of the excess over $432,200



Standard Deductions/Personal Exemptions

Standard Deduction Tables

  2015 2014
Married Filing Jointly and Surviving Spouses $12,600 $12,400
Heads of Households $9,250 $9,100
Single $6,300 $6,200
Married Filing Separately $6,300 $6,200
Additional Amount for Aged and Blind, Married and Surviving Spouses $1,150 for each $1,150 for each
Additional Amount for Aged and Blind, Singles and Heads of Household $1,450 for each $1,450 for each


Personal Exemptions and Phaseout Amounts

  2015 2014
Personal Exemption Amount $4,000 $3,950

 

Long Term Capital Gains and Qualifying Dividends:

For Taxpayers in the 10% or 15% brackets - 0%

For Taxpayers in 25%, 28%, 33%, 35% brackets - 15%

For Taxpayers in 39.6% brackets - 20%

Tax on Un-recaptured Sec.1250 gain - 25%

Capital gain rate on collections - 28%


 

Alternative Minimum Tax (AMT) 


AMT Exemptions Amounts for 2015:
$53,600 for single and head of household filers,
$83,450 for married people filing jointly and for qualifying widows or widowers, and
$41,725 for married people filing separately.

 

AMT Tax Rates:
The exemption amounts mean that this amount of AMT taxable income is not subject to the AMT. Income over these amounts may be subject to AMT. Unlike the ordinary tax rates, the AMT has only two tax brackets. The AMT tax rate is assessed only on AMT income over the exemption amount. 

 

Tax Rate Schedules for Estates and Trusts

2015

If Taxable Income Is: The Tax Is:
Not over $2,500 15% of the taxable income
Over $2,501 but not over $5,900 $375 plus 25% of the excess over $2,500
Over $5,901 but not over $9,050 $1,225 plus 28% of the excess over $5,900
Over $9,051 but not over $12,300 $2,107 plus 33% of the excess over $9,050
Over $12,301   $3,179.5 plus 39.6% of the excess over $12,300


2014

If Taxable Income Is: The Tax Is:
Not over $2,500 15% of the taxable income
Over $2,501 but not over $5,800 $375.00 plus 25% of the excess over $2,500
Over $5,801 but not over $8,900 $1,200.00 plus 28% of the excess over $5,800
Over $8,901 but not over $12,150 $2,068.00 plus 33% of the excess over $8,900
Over $12,151   $3,140.50 plus 39.6% of the excess over $12,150

 

Applicable Exclusion Amount for Estate Tax

Year of Transfer Applicable Exclusion Amount
2015 $5,430,000
2014 $5,340,000
2013 $5,250,000
2012 $5,120,000

 

Gift Tax Annual Exclusion

Year of Transfer Applicable Exclusion Amount
2015 14,000


ERISA and Tax Code Pension and Retirement Plan Limits

                                                   2013  2012
Taxable Wage base 113,700 110,100
Deferral Limits for Plans    
   401(k) 17,500 17,000
   SIMPLE 12,000 11,500
   403(b) 17,500 17,000
   457 17,500 17,000
Catch-Up Contributions for Participants Age 50 or Older    
   401(k) Plans 5,500 5,500
   SIMPLE 2,500 2,500
Qualified Plans – Annual Compensation Limit 255,000 250,000
Defined Benefit Maximum Annual Benefit 205,000 200,000
Defined Contribution – Maximum Annual Addition 51,000 50,000
“Key Employee” in Top-Heavy Plan 165,000 165,000
To Determine Maximum Account Balance in ESOP
Subject to 5-Year Distribution Period
1,035,000 1,015,000
“Highly Compensated Employee” Threshold 115,000 115,000
SEP Compensation Threshold for Participation 550 550
Definition of “Control Employee” for Fringe Benefit Valuation    
   Regs. 1.61-21(f)(5)(i) 100,000 100,000
   Regs. 1.61-21(f)(5)(iii) 205,000 205,000


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