Income Tax Rates
Taxable income is income after all deductions, including either itemized deductions or the standard deduction, and exemptions.
|
Married Taxpayer Joint/Surviving Spouse |
|||
| Taxable Income | Pay | Percentage of Excess |
Of Amount Above |
| Less than $18,150 | N/A | 10% | $0 |
| 18,150 – 73,800 | $1,815.00 | 15 | 18,150 |
| 73,800 – 148,850 | 10,162.50 | 25 | 73,800 |
| 148,850 – 226,850 | 28,925.00 | 28 | 148,850 |
| 226,850 – 405,100 | 50,765.00 | 33 | 226,850 |
| 405,100 – 457,600 | 109,587.50 | 35 | 405,100 |
| More than 457,600 | 127,962.50 | 39.6 | 457,600 |
| Single Taxpayer | |||
|---|---|---|---|
| Taxable Income | Pay | Percentage of Excess |
Of Amount Above |
| Less than $9,075 | N/A | 10% | $0 |
| 9,075 – 36,900 | $907.50 | 15 | 9,075 |
| 36,900 – 89,350 | 5,081.25 | 25 | 36,900 |
| 89,350 – 186,350 | 18,193.75 | 28 | 89,350 |
| 186,350 – 405,100 | 45,353.75 | 33 | 186,350 |
| 405,100 – 406,750 | 117,541.25 | 35 | 405,100 |
| More than 406,750 | 118,118.75 | 39.6 | 406,750 |
| Head of Household | |||
|---|---|---|---|
| Taxable Income | Pay | Percentage of Excess |
Of Amount Above |
| Less than $12,950 | N/A | 10% | 0 |
| 12,950 – 49,400 | 1,295.00 | 15 | 12,950 |
| 49,400 – 127,550 | 6,762.50 | 25 | 49,400 |
| 127,550 – 206,600 | 26,300.00 | 28 | 127,550 |
| 206,600 – 405,100 | 48,434.00 | 33 | 206,600 |
| 405,100 – 432,200 | 113,939.00 | 33 | 405,100 |
| More than 432,200 | 123,424.00 | 39.6 | 432,200 |
Personal and Dependency Exemptions
|
Exemptions per person: |
$3,950 |
The personal exemption amount for 2014 is $3,950 per taxpayer, taxpayer’s spouse and taxpayer’s dependents. The American Taxpayer Relief Act (ATRA) of 2012 brings back the phase-out of the personal exemption (PEP) for taxpayers whose income is over certain threshold amounts.
The PEP reduces the taxpayer’s personal exemptions by 2% for every $2,500 (or fraction thereof) over the threshold amount. For married taxpayers filing separately, the reduction is 2% for every $1,250 over the threshold amount. There is no limit in the PEP reduction, and a taxpayer may lose all of his or her personal exemptions. The threshold amounts will be indexed for inflation after 2013.
Standard Deductions*
|
Single |
$6,200 |
The information provided in these web pages is based on internal and external sources believed reliable; however, the accuracy and completeness of the information is not guaranteed and the figures may have changed since the time of printing. Examples are hypothetical illustrations and not intended to reflect the actual performance of any particular security. Please consult your tax advisor for questions relating to your individual situation.