2015 INCOME TAX RATES & INFORMATION

Marginal Ordinary Income Tax Rates

Single
Rate From To
10% 0 9,225
15% 9,226 37,450
25% 37,451 90,750
28% 90,751 189,300
33% 189,301 411,500
35% 411,501 413,200
39.6% 413,201  
Head of Household
Rate  From  To 
10% 0 13,150
15% 13,151 50,200
25% 50,201 129,600
28% 129,601 209,850
33% 209,851 411,500
35% 411,501 439,000
39.6% 439,001  
Married Filing Jointly *
Rate  From  To 
10% 0 18,450
15% 18,451 74,900
25% 74,901 151,200
28% 151,201 230,450
33% 230,451 411,500
35% 411,501 464,850
39.6% 464,851  
Married Filing Separately
Rate  From  To 
10% 0 9,225
15% 9,226 37,450
25% 37,451 75,600
28% 75,601 115,225
33% 115,226 205,750
35% 205,751 232,425
39.6% 232,426  
* Including Qualifying Widow(er)

Standard Deduction

Filing Status Amount
Single $6,300
Head of Household $9,250
Married Filing Joint/Qualifying Widow(er) $12,600
Married Filing Separately $6,300
   
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 $1,050
Maximum amount is earned income plus $350 up to allowed standard deduction based on filing status  

Personal Exemptions

For 2015, the personal exemption is $4,000. Note: If someone else can claim you as a dependent, then you cannot claim your own personal exemption.

Phaseout of Personal Exemptions for 2015

Filing Status Phaseout Begins Phaseout Ends
Married Filing Jointly 309,900 432,400
Qualifying Widow(er) 309,900 432,400
Head of Household 284,050 406,550
Single 258,250 380,750
Married Filing Separately 154,950 216,200

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.