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.