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2015 Tax Rates Announced

The 2015 tax rates have just been 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 $4,000 in ’15 and the standard deduction for single $6,300 or joint $12,600.

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 2015.

Single

Taxable income is over But not over The tax is Plus Of the amount over
$0 9,225 $0.00 10% $0
9,225 37,450 922.50 15% 9,225
37,450 90,750 5,156.26 25% 37,450
90,750 189,300 18,481.25 28% 90,750
189,300 411,500 46,075.25 33% 189,300
411,500 413,200 119,401.25 35% 411,500
413,200 119,996.25 39.6% 413,200

 

Married Filing Jointly
Qualifying Widow(er)

Taxable income is over But not over The tax is Plus Of the amount over
$0 18,450 $0.00 10% $0
18,450 74,900 1,845.00 15% 18,450
74,900 151,200 10,312.50 25% 74,900
151,200 230,450 29,387.50 28% 151,200
230,450 411,500 51,577.50 33% 230,450
411,500 464,850 111,324.00 35% 411,500
464,850 129,996.50 39.6% 464,850

 

{ 2 comments… add one }
  • Paul B February 2, 2015, 3:35 pm

    Joe,
    First, let me start by stating that since I found your site a few weeks back that I have become obsessed with absorbing all of the information that you have provided.

    After a quick glance at the included tax table under “Single”, it appears as if the chart does not flow properly from 90,750 to the next tax bracket.
    It may be just me.

    Thanks for all of the information!

    Paul B.

  • Joe February 3, 2015, 9:41 am

    Fixed, thanks!

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