2014 INCOME TAX RATES & INFORMATION
Marginal Ordinary Income Tax Rates
Single
| Rate |
Over |
To |
| 10% |
0 |
9,075 |
| 15% |
9,075 |
36,900 |
| 25% |
36,900 |
89,350 |
| 28% |
89,350 |
186,350 |
| 33% |
186,350 |
405,100 |
| 35% |
405,100 |
406,750 |
| 39.6% |
406,750 |
|
|
Head of Household
| Rate |
From |
To |
| 10% |
0 |
12,950 |
| 15% |
12,950 |
49,400 |
| 25% |
49,400 |
127,550 |
| 28% |
127,550 |
206,600 |
| 33% |
206,600 |
405,100 |
| 35% |
405,100 |
432,200 |
| 39.6% |
432,200 |
|
|
Married Filing Jointly *
| Rate |
From |
To |
| 10% |
0 |
18,150 |
| 15% |
18,150 |
73,800 |
| 25% |
73,800 |
148,850 |
| 28% |
148,850 |
226,850 |
| 33% |
226,850 |
405,100 |
| 35% |
405,100 |
457,600 |
| 39.6% |
457,600 |
|
|
Married Filing Separately
| Rate |
From |
To |
| 10% |
0 |
9,075 |
| 15% |
9,075 |
36,900 |
| 25% |
36,900 |
74,425 |
| 28% |
74,425 |
113,425 |
| 33% |
113,425 |
202,550 |
| 35% |
202,550 |
228,800 |
| 39.6% |
228,800 |
|
|
* Including Qualifying Widow(er)
Standard Deduction
| Filing Status |
Amount |
| Single |
$6,200 |
| Head of Household |
$9,100 |
| Married Filing Joint/Qualifying Widow(er) |
$12,400 |
| Married Filing Separately |
$6,200 |
| |
|
| Additional Standard Deduction if Blind or
Age 65+ |
|
| Single |
$1,550 |
| Head of Household |
$1,550 |
| Married Filing Joint/Qualifying Widow(er) |
$1,200 |
| Married Filing Separately |
$1,200 |
| |
|
| Standard Deduction for Dependents |
|
| Regular amount |
$1,000 |
| Maximum amount is earned income plus $350 up to
allowed standard deduction based on filing status |
|
Personal Exemptions
For 2014, the personal exemption is $3,950. Note: If someone else can claim you as a dependent,
then you cannot claim your own personal exemption.
Phaseout of Personal Exemptions for 2014
| Filing Status |
Phaseout Begins |
Phaseout Ends |
| Married Filing Jointly |
305,050 |
427,550 |
| Qualifying Widow(er) |
305,050 |
427,550 |
| Head of Household |
279,650 |
402,150 |
| Single |
254,200 |
376,700 |
| Married Filing Separately |
152,525 |
213,775 |
Capital Gains - Long Term and Short Term
| Type of Asset |
Short-Term Tax Rate |
Long-Term Tax Rate |
Unearned Medicare Contribution Surtax |
| Collectibles |
Ordinary Tax
Rates |
28% |
Potential 3.8% |
| Depreciation
Recapture |
Ordinary Tax
Rates |
25% |
Potential 3.8% |
| Qualified Small
Bus Stock |
Ordinary Tax
Rates |
28% after
exclusion |
Potential 3.8% |
| Other Capital
Assets |
Ordinary Tax
Rates |
0%, 15%, or 20% |
Potential 3.8% |
| |
10% |
0% |
|
| |
15% |
0% |
|
| |
25% |
15% |
|
| |
28% |
15% |
|
| |
33% |
15% |
Potential 3.8% |
| |
35% |
15% |
Potential 3.8% |
| |
39.6% |
20% |
Potential 3.8% |
If you need tax assistance for your 1040 individual income tax return or your corporate 1120,
S-Corp 1120S, or partnership 1065 tax returns, give Jeff Jackson CPA a call at
(678) 919-1250 to schedule an appointment. You can also submit your information via the
Contact Us form and someone will call you shortly.
Jeffrey L. Jackson, CPA LLC
