2014 Tax Rates Schedule X – Single | ||
If taxable income is over | But not over | The tax is |
$0 | $9,075 | 10% of the taxable amount |
$9,075 | $36,900 | $907.50 plus 15% of the excess over $9,075 |
$36,900 | $89,350 | $5,081.25 plus 25% of the excess over $36,900 |
$89,350 | $186,350 | $18,193.75 plus 28% of the excess over $89,350 |
$186,350 | $405,100 | $45,353.75 plus 33% of the excess over $186,350 |
$405,100 | $406,750 | $117,541.25 plus 35% of the excess over $405,100 |
Over $406,750 | no limit | $118,188.75 plus 39.6% of the excess over $406,750 |
2014 Tax Rates Schedule Y-1 – Married Filing Jointly or Qualifying Widow(er) | ||
If taxable income is over | But not over | The tax is |
$0 | $18,150 | 10% of the taxable amount |
$18,150 | $73,800 | $1,815 plus 15% of the excess over $18,150 |
$73,800 | $148,850 | $10,162.50 plus 25% of the excess over $73,800 |
$148,850 | $226,850 | $28,925.50 plus 28% of the excess over $148,850 |
$226,850 | $405,100 | $50,765 plus 33% of the excess over $226,850 |
$405,100 | $457,600 | $109,587.50 plus 35% of the excess over $405,100 |
$457,600 | no limit | $127,962.50 plus 39.6% of the excess over $457,600 |
2014 Tax Rates Schedule Y-2 – Married Filing Separately | ||
If taxable income is over | But not over | The tax is |
$0 | $9,075 | 10% of the taxable amount |
$9,075 | $36,900 | $907.50 plus 15% of the excess over $9,075 |
$36,900 | $74,425 | $5,081.25 plus 25% of the excess over $36,900 |
$74,425 | $113,425 | $14,462.50 plus 28% of the excess over $74,425 |
$113,425 | $202,550 | $25,382.50 plus 33% of the excess over $113,425 |
$202,550 | $228,800 | $54,793.75 plus 39.6% of the excess over $228,800 |
Over $228,800 | no limit | $63,981.25 plus 39.6% of the excess over $228,800 |
2014 Tax Rates Schedule Z – Head of Household | ||
If taxable income is over | But not over | The tax is |
$0 | $12,950 | 10% of the taxable amount |
$12,950 | $49,400 | $1,295 plus 15% of the excess over $12,950 |
$49,400 | $127,550 | $6,762.50 plus 25% of the excess over $49,400 |
$127,550 | $206,600 | $26,300 plus 28% of the excess over $127,550 |
$206,600 | $405,100 | $48,434 plus 33% of the excess over $206,600 |
$405,100 | $432,200 | $113,939 plus 35% of the excess over $405,100 |
$432,200 | no limit | $123,424 plus 39.6% of the excess over $432.200 |
2014 Tax Rates Estates & Trusts | ||
If taxable income is over | But not over | The tax is |
$0 | $2,550 | 15% of the taxable income |
$2,550 | $5,800 | $375 plus 25% of the excess over $2,550 |
$5,800 | $8,900 | $1,200 plus 28% of the excess over $5,800 |
$8,900 | $12,150 | $2,068 plus 33% of the excess over $8,900 |
$12,150 | no limit | $3,140 plus 39.6% of the excess over $12,150 |
Social Security 2014 Tax Rates | |
Base Salary | $117,000 |
Social Security Tax Rate | 6.2% |
Maximum Social Security Tax | $7,254.00 |
Medicare Base Salary | unlimited |
Medicare Tax Rate | 1.45% |
Education 2014 Tax Rates | |
American Opportunity Tax Credit | $2,500 |
Lifetime Learning Credit | $2,000 |
Student Loan Interest Deduction | $2,500 |
Coverdell Education Savings Contribution | $2,000 |
Miscellaneous 2014 Tax Rates | |
Personal Exemption | $3,950 |
Business Equipment Expense Deduction | $25,000 |
Prior-year safe harbor for estimated taxes of higher-income | 110% of your 2013 tax liability |
Standard mileage rate for business driving | 56 cents |
Standard mileage rate for medical/moving driving | 23.5 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 | $1,000 |
Maximum capital gains tax rate for taxpayers in the 10% or 15% bracket | 0% |
Maximum capital gains tax rate for taxpayers above the 15% bracket | 15% |
Capital gains tax rate for unrecaptured Sec. 1250 gains | 25% |
Capital gains tax rate on collectibles | 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 | $12,000 if under age 50 $14,500 if 50 or older |
Maximum Contribution to SEP IRA | 25% of compensation up to $51,000 |
401(k) maximum employee contribution limit | $17,500 if under age 50 $23,000 if 50 or older |
Self-employed health insurance deduction | 100% |
Estate tax exemption | $5,340,000 |
Annual Exclusion for Gifts | $14,000 |