This
article gives you the tax rates and related numbers that you will need
to prepare your 2015 income tax return. In general, 2015 individual tax
returns are due by April 15, 2016.
If you are looking for 2014 tax rates, you can find them
here.
2015 Income Tax Brackets
The Federal income tax has 7 tax brackets: 10%, 15%, 25%, 28%, 33%, 35%, and 39.6%. The amount of tax you owe depends on your
filing status and income level.
It’s important to realize that moving into a higher tax bracket does
not mean that all of your income will be taxed at a higher rate.
Instead, only the money that you earn within a particular tax bracket is
subject to that particular tax rate.
Single:
| Taxable Income |
Tax Rate |
| $0 to $9,225 |
10% |
| $9,226 to $37,450 |
$922.50 plus 15% of the amount over $9,225 |
| $37,451 to $90,750 |
$5,156.25 plus 25% of the amount over $37,450 |
| $90,751 to $189,300 |
$18,481.25 plus 28% of the amount over $90,750 |
| $189,301 to $411,500 |
$46,075.25 plus 33% of the amount over $189,300 |
| $411,501 to $413,200 |
$119,401.25 plus 35% of the amount over $411,500 |
| $413,201 or more |
$119,996.25 plus 39.6% of the amount over $413,200 |
Married Filing Jointly or Qualifying Widow(er):
| Taxable Income |
Tax Rate |
| $0 to $18,450 |
10% |
| $18,451 to $74,900 |
$1,845.00 plus 15% of the amount over $18,450 |
| $74,901 to $151,200 |
$10,312.50 plus 25% of the amount over $74,900 |
| $151,201 to $230,450 |
$29,387.50 plus 28% of the amount over $151,200 |
| $230,451 to $411,500 |
$51,577.50 plus 33% of the amount over $230,450 |
| $411,501 to $464,850 |
$111,324.00 plus 35% of the amount over $411,500 |
| $464,851 or more |
$129,996.50 plus 39.6% of the amount over $464,850 |
Married Filing Separately:
| Taxable Income |
Tax Rate |
| $0 to $9,225 |
10% |
| $9,226 to $37,450 |
$922.50 plus 15% of the amount over $9,225 |
| $37,451 to $75,600 |
$5,156.25 plus 25% of the amount over $37,450 |
| $75,601 to $115,225 |
$14,693.75 plus 28% of the amount over $75,600 |
| $115,226 to $205,750 |
$25,788.75 plus 33% of the amount over $115,225 |
| $205,751 to $232,425 |
$55,662.00 plus 35% of the amount over $205,750 |
| $232,426 or more |
$64,998.25 plus 39.6% of the amount over $232,425 |
Head of Household:
| Taxable Income |
Tax Rate |
| $0 to $13,150 |
10% |
| $13,151 to $50,200 |
$1,315.00 plus 15% of the amount over $13,150 |
| $50,201 to $129,600 |
$6,872.50 plus 25% of the amount over $50,200 |
| $129,601 to $209,850 |
$26,772.50 plus 28% of the amount over $129,600 |
| $209,851 to $411,500 |
$49,192.50 plus 33% of the amount over $209,850 |
| $411,501 to $439,000 |
$115,737.00 plus 35% of the amount over $411,500 |
| $439,001 or more |
$125,362.00 plus 39.6% of the amount over $439,000 |
2015 Personal Exemption Amounts
You are allowed to claim one personal exemption for yourself and one
for your spouse (if married). However, if somebody else can list you as a
dependent on their tax return, you are not permitted to claim a
personal exemption for yourself.
For tax year 2015, the personal exemption amount is $4,000 (up from $3,950 in 2014).
The personal exemption amount “phases out” for taxpayers with higher
incomes. The Personal Exemption Phaseout (PEP) thresholds are as
follows:
| Filing Status |
PEP Threshold Starts |
PEP Threshold Ends |
| Single |
$258,250 |
$380,750 |
| Married Filing Jointly |
$309,900 |
$432,400 |
| Married Filing Separately |
$154,950 |
$216,200 |
| Head of Hosuehold |
$284,050 |
$406,550 |
2015 Standard Deduction Amounts
There are two main types of tax deductions: the
standard deduction and
itemized deductions.
You can claim one type of deduction on your tax return, but not both.
For example, if you claim the standard deduction, you cannot itemize
deductions – and vice versa (if you itemize deductions, you cannot claim
the standard deduction). You are allowed to use whichever type of
deduction results in the lowest tax.
The standard deduction is subtracted from your Adjusted Gross Income
(AGI), thereby reducing your taxable income. For tax year 2015, the
standard deduction amounts are as follows:
| Filing Status |
Standard Deduction |
| Single |
$6,300 |
| Married Filing Jointly |
$12,600 |
| Married Filing Separately |
$6,300 |
| Head of Household |
$9,250 |
| Qualifying Widow(er) |
$12,600 |
RELATED: Projected U.S. Tax Rates for 2016
What to Do if You Owe Back Taxes
No comments:
Post a Comment