The 2015 tax rates have just been announced by my friends at the IRS. If you’ve been reading this blog for a while, you know how taxes work, more or less.
The tables aren’t the actual tax you pay on gross income, but on taxable income which is gross less a number of items, including the personal exemption which rises to $4,000 in ’15 and the standard deduction for single $6,300 or joint $12,600.
I’ll be referring back to this article over the next year whenever the tax table is part of the conversation. Check out the new rate table and start planning for 2015.
|
Single |
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| Taxable income is over | But not over | The tax is | Plus | Of the amount over |
| $0 | 9,225 | $0.00 | 10% | $0 |
| 9,225 | 37,450 | 922.50 | 15% | 9,225 |
| 37,450 | 90,750 | 5,156.26 | 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 | |
|
Married Filing Jointly |
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| Taxable income is over | But not over | The tax is | Plus | Of the amount over |
| $0 | 18,450 | $0.00 | 10% | $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 | |
Joe,
First, let me start by stating that since I found your site a few weeks back that I have become obsessed with absorbing all of the information that you have provided.
After a quick glance at the included tax table under “Single”, it appears as if the chart does not flow properly from 90,750 to the next tax bracket.
It may be just me.
Thanks for all of the information!
Paul B.
Fixed, thanks!