Nov 06

For Tax Geeks like me, it’s an exciting time when the new tax tables are announced by my friends at the IRS. If you’ve been reading this blog for a while, you know how taxes work, more or less. The tables aren’t the actual tax you pay on gross income, but on taxable income which is gross less a number of items, including the personal exemption which rises to $3,950 in ’14 and the standard deduction for single $6,200 or joint $12,400. 

I’ll be referring back to this article over the next year whenever the tax table is part of the conversation. Check out the new rate table and start planning for 2014.

Single

Taxable income is over But not over The tax is Plus Of the amount over
$0 9,075 $0.00 10% $0
9,075 36,900 907.50 15% 9,075
36.900 89,350 5,081.25 25% 36,900
89,350 186,350 18,193.75 28% 89,350
186,350 405,100 45,353.75 33% 186,350
405,100 406,750 117,541.25 35% 405,100
406,750 118,118.75 39.6% 406,750

Married Filing Jointly
Qualifying Widow(er)

Taxable income is over But not over The tax is Plus Of the amount over
$0 18,150 $0.00 10% $0
18,150 73,800 1,815.00 15% 18,150
73,800 148,850 10,162.50 25% 73,800
148,850 226,850 28,925.00 28% 148,850
226,850 405,100 50,765.00 33% 226,850
405,100 457,600 109,587.50 35% 405,100
457,600 127,962.50 39.6% 457,600

written by Joe \\ tags: , ,

One Response to “The 2014 Tax Rates Are Here!”

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