2015 Reference Tables Dennis

8/11/2019 2015 Reference Tables Dennis

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Quick Reference Tables 1

Individual Tax Rate Schedules for 2014

SCHEDULE XSINGLE

If taxable income is: The tax is:

Not over $9,075 10% of taxable income

Over $9,075 but not over $36,900 $907.50, plus 15% of the excess over $9,075

Over $36,900 but not over $89,350 $5,081.25, plus 25% of the excess over $36,900


Over $186,350 but not over $405,100 $45,353.75, plus 33% of the excess over $186,350Over $405,100 but not over $406,750 $117,541.25, plus 35% of the excess over $405,100

Over $406,750 $118,118.75, plus 39.6% of the excess over $406,750

SCHEDULE Y-1MARRIED FILING A JOINT RETURN AND SURVIVING SPOUSES



Over $18,150 but not over $73,800 $1,815, plus 15% of the excess over $18,150






SCHEDULE Y-2MARRIED FILING SEPARATELY



Over $9,075 but not over $36,900 $907.50, plus 15% of the excess over $9,075






SCHEDULE ZHEAD OF HOUSEHOLD




Over $49,400 but not over $127,550 $6,762.50, plus 25% of the excess over $49,400Over $127,550 but not over $206,600 $26,300, plus 28% of the excess over $127,550



Over $432,200 $123,424, plus 39.6% of the excess over $432,200

Long-Term Capital Gains Tax Rates for Individuals:0% for taxpayers in the 10% or 15% tax bracket; 15% fortaxpayers in 25% to 35% brackets; 20% for taxpayers in 39.6% bracket; 25% on unrecaptured Section 1250 gains;28% on collectibles and Section 1202 gains (use 10% or 15% marginal tax rate if gain falls within those taxbrackets)

Dividend Income Tax Rate for Individuals: 15% (0% for dividend income not exceeding 15% marginal tax rate);20% for taxpayers in 39.6% bracket

Individual AMT Rate: 26% of AMTI not exceeding $182,500; 28% over $182,500 AMTI for 2014

Corporate Tax Rate ScheduleIf taxable income is: Tax liability is:Not over $50,000 15% of taxable incomeOver $50,000 but not over $75,000 $7,500 + 25% of the excess over $50,000Over $75,000 but not over $100,000 $13,750 + 34% of the excess over $75,000Over $100,000 but not over $335,000 $22,250 + 39% of the excess over $100,000Over $335,000 but not over $10,000,000 $113,900 + 34% of the excess over $335,000

Over $10,000,000 but not over $15,000,000 $3,400,000 + 35% of the excess over $10,000,000Over $15,000,000 but not over $18,333,333 $5,150,000 + 38% of the excess over $15,000,000Over $18,333,333 $6,416,667 + 35% of the excess over $18,333,333

Corporate AMT Rate: 20% AMTI


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Social Security and Medicare Tax Rates 2013 and 2014

FICA Social Security tax rate 6.2%SECA Social Security tax rate 12.4%FICA Medicare tax rate 1.45%SECA Medicare tax rate 2.9%Social Security income limit $113,700 for 2013 and $117,000 for 2014Medicare income limit NoneTotal SECA rate below SS income limit 15.3%

Deductible SECA rate below SS income limit 7.65%

Medicare Surtax (2013 and 2014)Filing Status Thresholds Net Investment Income Rate Compensation RateSingle (Unmarried) Individual $200,000 3.8% 0.9%Head of Household 200,000 3.8% 0.9%Married Filing a Joint Return 250,000 3.8% 0.9%Married Filing a Separate Return 125,000 3.8% 0.9%

Standard Deductions2013 2013 2014 2014

Filing Status Basic Additional Basic AdditionalSingle (Unmarried) Individual $6,100 $1,500 $6,200 $1,550Head of Household 8,950 1,500 9,100 1,550

Married Filing a Joint Return 12,200 1,200 12,400 1,200Surviving Spouse (Qualifying Widow or Widower) 12,200 1,200 12,400 1,200Married Filing a Separate Return 6,100 1,200 6,200 1,200Dependent (or if larger, earned income plus $350) 1,000 1,000

Personal and Dependency Exemptions:$3,900 for 2013 and $3,950 for 2014

AGI Thresholds for Phaseout of Exemptions and Itemized Deductions for 2013 and 2014Filing Status 2013 2014Single (Unmarried) Individual $250,000 $254,200Head of Household 275,000 279,650Married Filing a Joint Return 300,000 305,050Surviving Spouse (Qualifying Widow or Widower) 300,000 305,050Married Filing a Separate Return 150,000 152,525

2% Exemption Phaseout rate for each $2,500 (MFS uses $1,250 instead of $2,500)

3% Itemized Deduction Phaseout rateKiddie Tax: first $2,000 of unearned income taxed at childs rate and excess at parents rate (applies to children under 19 or

full-time students under 24)

Social Security BenefitsFiling Status Tier 1 Base Amount Tier 2 Base AmountMarried Filing a Joint Return $32,000 $44,000Unmarried $25,000 $34,000Married Filing a Separate Return 0 0

Uniform Monthly Premiums for $1,000 of Group-Term Life InsuranceEmployees Age Monthly Cost Employees Age Monthly Cost Employees Age Monthly Cost

Under 25 $.05 40 to 44 $ .10 60 to 64 $ .6625 to 29 .06 45 to 49 .15 65 to 69 1.2730 to 34 .08 50 to 54 .23 70 and above 2.06

35 to 39 .09 55 to 59 .43

Individual Compensation Exclusions

Foreign Earned Income = $99,200 if out of country more than 330 days in 12 months ($97,600 for 2013)Dependent Care = $5,000 ($2,500 if married filing separately)Educational Assistance = $5,250Transportation Benefits=$250 per month for parking, $130 for mass transit passes, and $20 for bicycles

Annual Lease-Value Amount for Personal Use of Employer-Provided Automobiles

$5,600 if FMV = $20,000; $8,250 if FMV = $30,000; $10,750 if FMV = $40,000; $13,250 if FMV = $50,000


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Section 179 Expensing Limit: $25,000 limit for 2014 that begins to phase out when more than $200,000 inqualifying assets are acquired (fully phased out when $225,000 in eligible assets are acquired). $500,000 limit for2013 that begins to phase out when more than $2,000,000 in qualifying assets were acquired during the year (fullyphased out when $2,500,000 in eligible assets were acquired).

Vehicle Depreciation Ceiling Limits 2014 Partial Table of Lease Inclusion

Amounts

Autos 2013 & 2014 Trucks 2014 FMV Year 1 Year 2 Year 3 Year 4Year 1 3,160 3,460 19,750 3 8 11 13Year 2 5,100 5,500 29,500 12 26 39 46Year 3 3,050 3,350 40,000 21 45 67 80Year 4 1,875 1,975 50,000 29 64 96 114(2013 first year limit $8,000 higher for bonus depreciation) 60,000 38 83 124 148

Health Savings Accounts

Contributions up to $3,300 individual ($6,550 family) are deductible for 2014. Policy must have deductible of atleast $1,250 ($2,500 for family) with maximum out-of-pocket of more more than $6,350 ($12,700 for family).

Education Related Benefits and Limitation

Student Loan Interest Deduction = $2,500 if modified AGI is below $65,000 ($130,000 MFJ) with proportionatephaseout; deduction eliminated when AGI = $80,000 ($160,000 MFJ)

Tuitions and Fees Deduction for 2013 = $4,000 if income is below $65,000 ($130,000 MFJ); $2,000 if income isbetween $65,000 and $80,000 ($130,000 and $160,000 MFJ); $0 if income exceeds $80,000 ($160,000 MFJ)American Opportunity Credit: 100% of first $2,000 of qualifying expenses and 25% of next $2,000 for first four

years only (Maximum = $2,500 per student). American Opportunity Credit phases out proportionately overmodified AGI of $80,000 to $90,000 ($160,000 to $180,000 MFJ).

Lifetime Learning Credit: 20% of up to $10,000 of qualifying expenses (Maximum = $2,000 per year per taxpayer).Lifetime Learning Credit phases out proportionately over modified AGI of $54,000 to $64,000 ($108,000 to$128,000 MFJ).

Other Individual Credits

Child Tax Credit = $1,000 per qualifying child; credit is phased out at a rate of $50 for each $1,000 of AGI greaterthan $75,000 (single or head of household); $110,000 (married filing jointly; $55,000 if filing separately).

Dependent Care Credit = 35% if AGI does not exceed $15,000 and is reduced to 20% if AGI exceeds $43,000; thecredit percentage is reduced 1% for each $2,000 AGI exceeds $15,000. Maximum creditable expenses =

$3,000 for one qualifying child or $6,000 for 2 or more qualifying children.Credit for IRA Contributions for Low Income Persons = 50% if AGI does not exceed $18,000 ($36,000 MFJ); 20%

for income between $18,000 and $19,500 ($36,000 and $39,000 MFJ); 10% for income between $19,500 and$30,000 ($39,000 and $60,000 MFJ); 0 credit if income exceeds $30,000 ($60,000 MFJ). Maximum creditablecontribution is $2,000.

Earned Income Credit: maximum with one child is $3,305 ($9,720 x 34%), $5,460 ($13,650 x 40%) for twochildren, and $6,143 ($13,650 x 45%) for three or more children. Phases out when income exceeds $23,260 ifMFJ ($17,830 for others). Maximum credit is $496 ($6,480 x 7.65%) if no children and phases out whenincome exceeds $13,540 if MFJ ($8,110 for others). $3,350 maximum allowable investment income.

Alternative Minimum Tax ExemptionsFiling Status 2013 Exemption 2014 Exemption Threshold at which 2014 phase out begins

Corporate $40,000 $40,000 $150,000Married Filing Jointly 80,800 82,100 156,500

Married Filing Separately 40,400 41,050 78,250Head of Household 51,900 52,800 117,300Single 51,900 52,800 117,300

Trust and Estate Income Tax Rates for 2014Taxable Income Tax Rate:0 - $2,500 15%$2,501 - $5,800 25%$5,801 - $8,900 28%$8,901 - $12,150 33%Over $12,150 39.6%


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Gift and Estate Taxes

Transfer Tax Rates for 2013 and 2014Amount of Taxable Transfer Tax RateUp to $10,000 18%$10,001 - $20,000 $1,800 + 20% of excess over $10,000$20,001 - $40,000 $3,800 + 22% of excess over $20,000$40,001 - $60,000 $8,200 + 24% of excess over $40,000$60,001 - $80,000 $13,000 + 26% of excess over $60,000$80,001 - $100,000 $18,200 + 28% of excess over $80,000$100,001 - $150,000 $23,800 + 30% of excess over $100,000$150,001 - $250,000 $38,800 + 32% of excess over $150,000$250,001 - $500,000 $70,800 + 34% of excess over $250,000$500,001 - $750,000 $155,800 + 37% of excess over $500,000$750,001 - $1,000,000 $248,300 + 39% of excess over $750,000Over $1,000,000 $345,800 + 40% of excess over $1,000,000

Annual gift tax exclusion per donee = $14,000 for 2013 and 2014Lifetime gift tax and estate tax exemption = $5,250,000 (equivalent to credit of $2,045,800) for 2013 and

$5,340,000 (equivalent to credit of $2,081,800)

Generation-skipping transfer tax exemption $5,250,000 for 2013 and $5,340,000 for 2014; transfers in excess ofexemption amount are subject to a 40% rate


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Future Value of $1

Periods 4% 5% 6% 7% 8% 9% 10% 12%

1 1.040 1.050 1.060 1.070 1.080 1.090 1.100 1.1202 1.082 1.103 1.124 1.145 1.166 1.188 1.210 1.2543 1.125 1.158 1.191 1.225 1.260 1.295 1.331 1.4054 1.170 1.216 1.262 1.311 1.360 1.412 1.464 1.5745 1.217 1.276 1.338 1.403 1.469 1.539 1.611 1.762

6 1.265 1.340 1.419 1.501 1.587 1.677 1.772 1.9747 1.316 1.407 1.504 1.606 1.714 1.828 1.949 2.2118 1.369 1.477 1.594 1.718 1.851 1.993 2.144 2.4769 1.423 1.551 1.689 1.838 1.999 2.172 2.358 2.773

10 1.480 1.629 1.791 1.967 2.159 2.367 2.594 3.10611 1.539 1.710 1.898 2.105 2.332 2.580 2.853 3.47912 1.601 1.796 2.012 2.252 2.518 2.813 3.138 3.89613 1.665 1.886 2.133 2.410 2.720 3.066 3.452 4.36314 1.732 1.980 2.261 2.579 2.937 3.342 3.798 4.88715 1.801 2.079 2.397 2.759 3.172 3.642 4.177 5.47416 1.873 2.183 2.540 2.952 3.426 3.970 4.595 6.13017 1.948 2.292 2.693 3.159 3.700 4.328 5.054 6.86618 2.026 2.407 2.854 3.380 3.996 4.717 5.560 7.69019 2.107 2.527 3.026 3.617 4.316 5.142 6.116 8.61320 2.191 2.653 3.207 3.870 4.661 5.604 6.728 9.646

21 2.279 2.786 3.400 4.141 5.034 6.109 7.400 10.8022 2.370 2.925 3.604 4.430 5.437 6.659 8.140 12.1023 2.465 3.072 3.820 4.741 5.871 7.258 8.954 13.5524 2.563 3.225 4.049 5.072 6.341 7.911 9.850 15.1825 2.666 3.386 4.292 5.427 6.848 8.623 10.83 17.0030 3.243 4.322 5.743 7.612 10.06 13.27 17.45 29.9640 4.801 7.040 10.29 14.97 21.72 31.41 45.26 93.05

Future Value of Annui ty of $1

Periods 4% 5% 6% 7% 8% 9% 10% 12%

1 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.0002 2.040 2.050 2.060 2.070 2.080 2.090 2.100 2.120

3 3.122 3.153 3.184 3.215 3.246 3.278 3.310 3.3744 4.246 4.310 4.375 4.440 4.506 4.573 4.641 4.7795 5.416 5.526 5.637 5.751 5.867 5.985 6.105 6.3536 6.633 6.802 6.975 7.153 7.336 7.523 7.716 8.115

7 7.898 8.142 8.394 8.654 8.923 9.200 9.487 10.098 9.214 9.549 9.897 10.26 10.64 11.03 11.44 12.309 10.58 11.03 11.49 11.98 12.49 13.02 13.58 14.78

10 12.01 12.58 13.18 13.82 14.49 15.19 15.94 17.55

11 13.49 14.21 14.97 15.78 16.65 17.56 18.53 20.6512 15.03 15.92 16.87 17.89 18.98 20.14 21.38 24.1313 16.63 17.71 18.88 20.14 21.50 22.95 24.52 28.0314 18.29 19.60 21.02 22.55 24.21 26.02 27.98 32.39

15 20.02 21.58 23.28 25.13 27.15 29.36 31.77 37.2816 21.82 23.66 25.67 27.89 30.32 33.00 35.95 42.7517 23.70 25.84 28.21 30.84 33.75 36.97 40.54 48.88

18 25.65 28.13 30.91 34.00 37.45 41.30 45.60 55.75

19 27.67 30.54 33.76 37.38 41.45 46.02 51.16 63.44

20 29.78 33.07 36.79 41.00 45.76 51.16 57.28 72.0521 31.97 35.72 39.99 44.87 50.42 56.76 64.00 81.7022 34.25 38.51 43.39 49.01 55.46 62.87 71.40 92.50

23 36.62 41.43 47.00 53.44 60.89 69.53 79.54 104.624 39.08 44.50 50.82 58.18 66.76 76.79 88.50 118.225 41.65 47.73 54.86 63.25 73.11 84.70 98.35 133.330 56.08 66.44 79.06 94.46 113.3 136.3 164.5 241.340 95.03 120.8 154.8 199.6 259.1 337.9 442.6 767.1

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2015 Reference Tables Dennis