2015 Tax Rates

2015 Tax Rates Schedule X - Single

If taxable income is over

But not over

The tax is

$0

$9,225

10% of the taxable amount

$9,225

$37,450

$922.50 plus 15% of the excess over $9,225

$37,450

$90,750

$5,156.25 plus 25% of the excess over $37,450

$90,750

$189,300

$18,481.25 plus 28% of the excess over $90,750

$189,300

$411,500

$46,075.25 plus 33% of the excess over $189,300

$411,500

$413,200

$119,401.25 plus 35% of the excess over $411,500

Over $413,200

no limit

$119,996.25 plus 39.6% of the excess over $413,200

2015 Tax Rates Schedule Y-1 - Married Filing Jointly or Qualifying Widow(er)

If taxable income is over

But not over

The tax is

$0

$18,450

10% of the taxable amount

$18,450

$74,900

$1,845 plus 15% of the excess over $18,450

$74,900

$151,200

$10,312.50 plus 25% of the excess over $74,900

$151,200

$230,450

$29,387.50 plus 28% of the excess over $151,200

$230,450

$411,500

$51,577.50 plus 33% of the excess over $230,450

$411,500

$464,850

$111,324 plus 35% of the excess over $411,500

$464,850

no limit

$129,996.50 plus 39.6% of the excess over $464,850

2015 Tax Rates Schedule Y-2 - Married Filing Separately

If taxable income is over

But not over

The tax is

$0

$9,225

10% of the taxable amount

$9,225

$37,450

$922.50 plus 15% of the excess over $9,225

$37,450

$75,600

$5,156.25 plus 25% of the excess over $37,450

$75,600

$115,225

$14,693.75 plus 28% of the excess over $75,600

$115,225

$205,750

$25,788.75 plus 33% of the excess over $115,225

$205,750

$232,425

$55,662 plus 35% of the excess over $205,750

Over $232,425

no limit

$64,998.25 plus 39.6% of the excess over $232,425

2015 Tax Rates Schedule Z - Head of Household

If taxable income is over

But not over

The tax is

$0

$13,150

10% of the taxable amount

$13,150

$50,200

$1,315 plus 15% of the excess over $13,150

$50,200

$129,600

$6,872.50 plus 25% of the excess over $50,200

$129,600

$209,850

$26,722.50 plus 28% of the excess over $129,600

$209,850

$411,500

$49,192.50 plus 33% of the excess over $209,850

$411,500

$439,000

$115,737 plus 35% of the excess over $411,500

$439,000

no limit

$125,362 plus 39.6% of the excess over $439,000

2015 Tax Rates Estates & Trusts

If taxable income is over

But not over

The tax is

$0

$2,500

15% of the taxable income

$2,500

$5,900

$375 plus 25% of the excess over $2,500

$5,900

$9,050

$1,225 plus 28% of the excess over $5,900

$9,050

$12,300

$2,107 plus 33% of the excess over $9,050

$12,300

no limit

$3,179.50 plus 39.6% of the excess over $12,300

Social Security 2015 Tax Rates

Base Salary

$118,500

Social Security Tax Rate

6.2%

Maximum Social Security Tax

$7,347.00

Medicare Base Salary

unlimited

Medicare Tax Rate

1.45%

Additional Medicare 2015 Tax Rates

Additional Medicare Tax

0.9%

Filing status

Compensation over

Married filing jointly

$250,000

Married filing separate

$125,000

Single

$200,000

Head of household (with qualifying person)

$200,000

Qualifying widow(er) with dependent child

$200,000

Education 2015 Credit and Deduction Limits

American Opportunity Tax Credit

$2,500

Lifetime Learning Credit

$2,000

Student Loan Interest Deduction

$2,500

Coverdell Education Savings Contribution

$2,000

Miscellaneous 2015 Tax Rates

Personal Exemption (Adjusted Gross Income below $154,950)

$4,000

Business Equipment Expense Deduction

$500,000

Prior-year safe harbor for estimated taxes of higher-income

110% of your 2014 tax liability

Standard mileage rate for business driving

57.5 cents

Standard mileage rate for medical/moving driving

23.0 cents

Standard mileage rate for charitable driving

14 cents

Child Tax Credit

$1,000 per qualifying child

Unearned income maximum for children before kiddie tax applies

$1,050

Maximum capital gains tax rate for taxpayers in the 10% or 15% bracket

0%

Maximum capital gains tax rate for taxpayers in the 25%, 28%, 33%, or 35% bracket

15%

Maximum capital gains tax rate for taxpayers in the 39.6% bracket

20%

Capital gains tax rate for unrecaptured Sec. 1250 gains

25%

Capital gains tax rate on collectibles and qualified small business stock

28%

Maximum contribution for Traditional/Roth IRA

$5,500 if under age 50

$6,500 if 50 or older

Maximum employee contribution to SIMPLE IRA

$12,500 if under age 50

$15,500 if 50 or older

Maximum Contribution to SEP IRA

25% of compensation up to $53,000

401(k) maximum employee contribution limit

$18,000 if under age 50

$24,000 if 50 or older

Self-employed health insurance deduction

100%

Estate tax exemption

$5,430,000

Annual Exclusion for Gifts

$14,000

 

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