TAXES

This page offers information regarding personal taxes. The information here is for quick reference only. Please consult your professional tax preparer if you have questions about your personal tax situation.

2015 INCOME TAX BRACKETS

RETIREMENT PLAN CONTRIBUTION LIMITS

STANDARD DEDUCTION, PERSONAL EXEMPTIONS AND GIFT TAX EXCLUSION

TAXATION OF SOCIAL SECURITY BENEFITS
 

2015 Income Tax Brackets

Taxable Income = Taxable income items - minus all Deductions and Exemptions.

Tax Rate = Income Tax rates are progressive. For instance, if your filing status is Married Filing Jointly and you had $151,200 in taxable income, the first $18,450 would be taxed at 10%, from $18,451 to $74,900 would be taxed at 15%, and from $74,901 to $151,200 would be taxed at 25%. [Total of $29,387 in taxes on $151,200 in taxable income for a combined or effective rate of 19.4%]

Married Filing Jointly

Taxable Income

Tax Rate

$0 - $18,450

10%

$18,451 - $74,900

15%

$74,901 - $151,200

25%

$151,201 - $230,450

28%

$230,451 - $411,500

33%

$411,501 - $464,850

35%

Over $464,850

39.6%


Single

Taxable Income

Tax Rate

$0 - $9,225

10%

$9,226 - $37,450

15%

$37,451 - $90,750

25%

$90,751 - $189,300

28%

$189,301 - $411,500

33%

$411,501 - $413,200

35%

Over $413,200

39.6%


Head of Household

Taxable Income

Tax Rate

$0 - $13,150

10%

$13,151 - $50,200

15%

$50,201 - $129,600

25%

$129,601 - $209,850

28%

$209,851 - $411,500

33%

$411,501 - $439,000

35%

Over $439,000

39.6%


Married Filing Separately

Taxable Income

Tax Rate

$0 - $9,225

10%

$9,226 - $37,450

15%

$37,451 - $75,600

25%

$75,601 - $115,225

28%

$115,226 - $205,750

33%

$205,751 - $232,425

35%

Over $232,425

39.6%


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IRA and Retirement Plan Contribution Limits for 2015

Plan Type

Under Age 50

Age 50 an Over

Traditional IRA

$5,500

$6,500

Roth IRA

$5,500

$6,500

SIMPLE IRA

$12,500

$15,500

SEP-IRA

$53,000

$53,000

401(k), 403(b), and most 457 plans

$18,000

$24,000


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2015 Standard Deduction, Personal Exemption and Gift Tax Exclusion

Tax Item

2015 Amount

Personal Exemption

$4,000

Standard Deductions:
- Married Filing Jointly
- Single
- Head of Household
- Married Filing Separately


- $12,600
- $6,300
- $9,250
- $6,300

Gift Tax Exclusion

$14,000


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2015 Social Security Tidbits

Payroll Deductions: Maximum earnings subject to Social Security Payroll Tax = $118,500

Loss of Social Security Benefits due to Earnings: Prior to “full retirement age”, $1 in benefit is lost for every $2 earned over $15,720. In the year of full retirement age, $1 in benefit is lost for every $3 earned over $41,880. Beginning in the month of full retirement age is reached, benefits are not reduced regardless of earnings.

Taxability of Social Security Income: Taxation of Social Security retirement benefits is based on what the IRS calls Modified Adjusted Gross Income (MAGI).

    - Joint Filers: If your MAGI is below $32,000, none of your Social Security benefits are taxable; if your MAGI is between $32,00 and $44,000, 50% of your Social Security benefits are taxable; if your MAGI exceeds $44,000, 85% of your Social Security benefits are taxable.

    - Single Filers: If your MAGI is below $25,000, none of your Social Security benefits are taxable; if your MAGI is between $25,00 and $34,000, 50% of your Social Security benefits are taxable; if your MAGI exceeds $34,000, 85% of your Social Security benefits are taxable.

If you are Married Filing a Separate return, you are likely to pay income tax on 85% of you Social Security benefits.


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(407) 260-6999

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