2015 Filing Season Reference Guide

2015 Filing Season Reference Guide crop 1

 

Tax Rates – Single Taxpayers

If Taxable Income is Of the
Greater Than But Less Than Tax is Plus Amount Over
-0- $    9,225 10% N/A -0-
$ 9,225 $  37,450 $      922.50 15% $   9,225
$ 37,450 $   90,750 $   5,156.25 25% $   37,450
$ 90,750 $ 189,300 $   18,481.25 28% $   90,750
$ 189,300 $ 411,500 $   46,075.25 33% $ 189,300
$ 411,500 $ 413,200 $ 119,401.25 35% $ 411,500
$ 413,200 $ 119,996.25 39.6% $ 413,200

 

Tax Rates – Married Taxpayers filing Joint Returns (and Surviving Spouses)

 

If Taxable Income is Of the
Greater Than But Less Than Tax is Plus Amount Over
-0- $  18,450 10% N/A -0-
$  18,450 $  74,900 $    1,845.00 15% $  18,450
$   74,900 $ 151,200 $   10,312.50 25% $   74,900
$ 151,200 $ 230,450 $   29,387.50 28% $ 151,200
$ 230,450 $ 411,500 $   51,577.50 33% $ 230,450
$ 411,500 $ 464,850 $ 111,324.00 35% $ 411,500
$ 464,850 $ 129,996.50 39.6% $ 464,850

 

Tax Rates – Married Taxpayers filing Separate Returns

 

If Taxable Income is Of the
Greater Than But Less Than Tax is Plus Amount Over
-0- $    9,225 10% N/A -0-
$    9,225 $  37,450 $     922.50 15% $    9,225
$  37,450 $  75,600 $   5,156.25 25% $ 37,450
$   75,600 $ 115,225 $ 14,693.75 28% $ 75,600
$ 115,225 $ 205,750 $ 25,788.75 33% $ 115,225
$ 205,750 $ 232,425 $ 55,662.00 35% $ 205,750
$ 232,425 $ 64,998.25 39.6% $ 232,425

 

Heads of Household

 

If Taxable Income is Of the
Greater Than But Less Than Tax is Plus Amount Over
-0- $   13,150 10% N/A -0-
$ 13,150 $  50,200 $ 1,315.00 15% $ 13,150
$ 50,200 $ 129,600 $    6,872.50 25% $ 50,200
$ 129,600 $ 209,850 $   26,722.50 28% $ 129,600
$ 209,850 $ 411,500 $   49,192.50 33% $ 209,850
$ 411,500 $ 439,000 $ 115,737.00 35% $ 411,500
$ 439,000 $ 125,362.00 39.6% $ 439,000

 

Net Investment Income Tax

3.8% of the lesser of (1) net investment income or (2) the amount of modified adjusted gross income (MAGI) over these thresholds:

  • Single – $200,000
  • Married Filing Jointly – $250,000
  • Married Filing Separately – $125,000
  • Heads of Household – $200,000

Self-Employment Tax

  • Tax Rate: 15.3% (12.4% OASDI tax plus 2.9% Medicare tax),
  • Surtax: 0.9% Medicare surtax is added to self-employment income in excess of $200,000 (single), $250,000 (married filing jointly), or $125,000 (married filing separately)
  • Wage base: $118,500 of self-employment income for OASDI (no ceiling on Medicare tax)

Standard Deduction

  • Single – $6,300
  • Married Filing Jointly – $12,600
  • Married Filing Separately – $6,300 ($0 if spouse itemizes deductions)
  • Heads of Household – $9,250

Standard deduction for individuals who can be claimed as dependents cannot exceed the lesser of (1) $6,300 or (2) the greater of $1,050 or $350 plus the individual’s earned income.

Itemized Deductions

If taxpayer’s adjusted gross income (AGI) exceeds the applicable amount for their filing status, certain otherwise allowable itemized deductions are reduced by the lesser of 3% of the excess of AGI over the applicable amount or 80% of itemized deductions otherwise allowable for the tax year.

Applicable amounts for reduction of otherwise allowable itemized deductions:

  • Single – $258,250
  • Married Filing Jointly – $309,900
  • Married Filing Separately – $154,950
  • Heads of Household – $284,050

Standard Mileage Rate

  • Business – 57.5 cents per mile
  • Medical & Moving – 23 cents per mile
  • Charitable Services – 14 cents per mile

 

For business automobiles for which the optional business standard mileage rate is used, the portion treated as depreciation is 24 cents per mile.

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