1. No category

2015
Tax Facts At-A-Glance
Tax Facts At-A-Glance
2014
Income Taxes
2015
Married Filing Jointly:
Over
But
Not Over
Married Filing Jointly:
The Tax is
Of the
Amount Over
Over
But
Not Over
The Tax is
Of the
Amount Over
$0
$18,150
$0 + 10%
$0
$0
$18,450
$0 + 10%
$0
18,150
73,800
1,815 + 15%
18,150
18,451
74,900
1,845 + 15%
18,450
73,800
148,850
10,162.50 + 25%
73,800
74,901
151,200
10,312.50 + 25%
74,900
148,850
226,850
28,925 + 28%
148,850
151,201
230,450
29,387.50 + 28%
151,200
226,850
405,100
50,765 + 33%
226,850
230,451
411,500
51,577.50 + 33%
230,450
405,100
457,600
109,587.50 + 35%
405,100
405,100
464,850
111,324 + 35%
411,500
457,600
And Over
127,962.50 + 39.6%
457,600
464,850
And Over
129,996.50 + 39.6%
464,850
Over
But
Not Over
The Tax is
Of the
Amount Over
Over
But
Not Over
The Tax is
Of the
Amount Over
$0
$9,075
$0 + 10%
$0
$0
$9,225
$0 + 10%
$0
Single:
Single:
9,075
36,900
907.50 + 15%
9,075
9,225
37,450
922.50 + 15%
9,225
36,900
89,350
5,081.25 + 25%
36,900
37,451
90,750
5,156.25 + 25%
37,450
89,350
186,350
18,193.75 + 28%
89,350
90,751
189,300
18,481.25 + 28%
90,750
186,350
405,100
45,353.75 + 33%
186,350
189,301
411,500
46,075.25 + 33%
189,300
405,100
406,750
117,541.25 + 35%
405,100
411,501
413,200
119,401.25 + 35%
411,500
406,750
And Over
118,118.75 + 39.6%
406,750
413,200
And Over
119,996.25 + 39.6%
413,200
Over
But
Not Over
The Tax is
Of the
Amount Over
$0
$2,500
$0 + 10%
2,500
5,800
5,800
8,900
Estates and Trusts:
Estates and Trusts:
Over
But
Not Over
The Tax is
Of the
Amount Over
$0
$0
$2,500
$0 + 10%
$0
375 + 25%
2,500
2,500
5,900
375 + 25%
2,500
1,200 + 28%
5,800
5,900
9,050
1,225 + 28%
5,900
8,900
12,150
2,068 + 33%
8,900
9,050
12,300
2,107 + 33%
9,050
12,150
And Over
3,140.50 + 39.6%
12,150
12,300
And Over
3,179.50 + 39.6%
12,300
AMT Brackets
Tax Rate 2014
Single
Head of Household
Married Filing Jointly
or Surviving Spouse
Married Filing
Separately
26%
$ 0 - 182,500
$ 0 - 182,500
$ 0 - 182,500
$ 0 - 91,250
28%
Over $ 182,500
Over $ 182,500
Over $ 182,500
Over $ 91,250
Amount
$ 52,800
AMT Exemptions
Phaseout1
$ 52,800
$ 117,300 - 328,500 $ 117,300 - 328,500
$ 82,100
$ 41,050
$ 156,500 - 484,900
$ 78,250 - 242,450
AMT Brackets
Tax Rate 2015
Single
Head of Household
Married Filing Jointly
or Surviving Spouse
Married Filing
Separately
26%
$ 0 - 185,400
$ 0 - 185,400
$ 0 - 185,400
$ 0 - 92,700
28%
Over $ 185,400
Over $ 185,400
Over $ 185,400
Over $ 92,700
AMT Exemptions
Amount
$ 53,600
$ 53,600
$ 83,400
$ 41,700
Phaseout1
$119,200 - 333,600
$119,200 - 333,600
$ 158,900 - 492,500
$ 79,450 - 264,350
The AMT income ranges over which the exemption phases out and only a partial exemption is available. The exemption is completely phased
out if AMT income exceeds the top of the applicable range.
Note: Consult your tax advisor for AMT rates and exemptions for children subject to the “kiddie tax”.
1
2
rF Tax Facts At-A-Glance
Standard Deductions
Married Filing Jointly
2014
2015
$ 12,400
$ 12,600
Single
6,200
6,300
Additional (Age 65/older or blind):
Married
1,200
1,200
1,550
1,550
Unmarried and not surviving spouse
Itemized Deductions
2014
2015
Income Over Applicable Amount Triggers Itemized Deduction Limitation*
Married Filing Jointly
Single
$ 305,050
$ 309,900
254,200
258,250
*Itemized deduction reduced by the lesser of (a) 3% of the adjusted gross income above the applicable amount, or (b) 80% of the amount of the itemized deductions otherwise allowable for the taxable year.
Personal Exemptions
Personal Exemption
Phase-Out Range for
2014
2015
$ 3,950
$ 4,000
Married Filing Jointly
305,050 - 427,550
309,900 - 432,400
Single
254,200 - 376,700
258,250 - 380,750
Regular Tax vs. AMT: What’s deductible?
Expense
Regular Tax
State & local income tax
•
AMT
Property tax
•
Mortgage interest
•
Interest on home equity debt not
used to improve your principal
residence
•
Investment interest
•
Investment expenses
•
Professional fees
•
Unreimbursed employee business
expenses
•
Medical expenses
•
•
Charitable contributions
•
•
•
•
3
Capital Gains Tax
Rate on gains for assets held:
2014
2015
More than 12 months
More than 12 months
15% income tax bracket or below
0%
0%
25%, 28%, 33%, 35% income tax bracket
15%
15%
39.6% income tax bracket
20%
20%
Kiddie Tax
2014
2015
$ 1,000
$ 1,050
Next
1,000
1,050
Child’s Rate
Amounts Over
2,000
2,000
Parent’s Rate
(under age 18 with unearned income)
First
2014 Pease Limitations on Itemized Deductions
No Tax
2015 Personal Exemption Phaseout
Filing Status
Income
Filing Status
Phaseout Begin
Phaseout Complete
Single
$258,250
Single
$258,250
$380,750
Married Filing Jointly
309,900
Married Filing Jointly
309,900
432,400
Head of Household
284,050
Head of Household
284,050
406,550
2014 & 2015 FICA Rates
Self-Employed
Emp loyee
12.4%
6.2%
HI (Medicare)
2.9%
1.45%
Additional Medicare Tax*
0.9%
0.9%
OASDI (Social Security)
*The additional Medicare tax
applies to wages and self-employment income above the following
thresholds:
4
Tax Bracket
rF Tax Facts At-A-Glance
Filing Status
Wages or Self-Employment income above the threshold
MFJ
>$250,000
MFS
>$125,000
Others
>$200,000
Affordable Care Act (ACA) Credit Assistance over the “Applicable Amount”
of premium paid by insured:
Household Income as a percentage of the Poverty Line:
Single
Less than 200%
$600
At least 200% but less than 300%
1,500
At least 300% but less than 400%
2,500
*The tax payer is responsible for the excess tax credit that was granted prematurely if their AGI ends up being higher
than they projected when selecting coverage.
Social Security
2014
2015
66 years, 6 months
66 years, 6 months
72.5%
72.5%
$ 117,000
$ 118,500
2014
2015
$15,480
$15,720
Year of Full Retirement Age
41,400
41,880
After Full Retirement
no limit
no limit
Full Retirement Age*
Portion of Benefit Paid at Age 62*
Income subject to social security tax (OASDI)
*Assumes born in 1957
Maximum Earnings Before Social Security Benefits Are Reduced
Before Full Retirement Age (lose $1 for every $2 of earnings)
Base Amount of Modified AGI Causing Social Security
Benefits to be Taxable
50% taxable
85% taxable
Married/Filling Jointly
$32,000
$44,000
Single
25,000
34,000
5
Qualified Plans
2014
Maximum elective deferral to retirement plans
(e.g., 401(k), 403(b), & 457)
2015
$ 17,500
$ 18,000
401(k), 403(b), 457 age 50+ catch-up contribution
5,500
6,000
Maximum IRA contribution
5,500
5,500
IRA age 50+ catch-up contribution
1,000
1,000
12,000
12,500
2,500
3,000
550
600
260,000
265,000
52,000
53,000
Highly compensated employee compensation amount
115,000
120,000
Annual retirement benefit limit under defined benefit plan
(not to exceed 100% of compensation)
210,000
215,000
Definition of key employee in a top-heavy plan
170,000
170,000
Maximum elective deferral to SIMPLE plan
SIMPLE IRA age 50+ catch-up contribution limit
SEP minimum compensation amount
Annual includable compensation limit
Defined contribution plan annual addition limit
IRAs
2014
2015
Phase-Out Range for Deductible Contributions to Traditional IRAs
Married Filing Jointly
Both spouses as participants in qualified plan
$ 96,000 - 116,000
$ 98,000 - 118,000
181,000 - 191,000
183,000 - 193,000
60,000 - 70,000
61,000 - 71,000
Married Filing Jointly
181,000 - 191,000
183,000 - 193,000
Single
114,000 - 129,000
116,000 - 131,000
One spouse as participant in qualified plan
Single
Phase-Out Range for Contributions to Roth IRAs
$1000 Retirement Savings Credit 2015:
RMD Factor Table
6
Credit Rate
Single
Married Filing
Joint
Head of HH
50%
$18,250
$36,500
$27,375
Age
Factor
Age
Factor
70
27.4
87
13.4
71
26.5
88
12.7
72
25.6
89
12.0
20%
19,750
39,500
29,625
73
24.7
90
11.4
10%
30,500
61,000
45,750
74
23.8
90
10.8
0%
30,500+
61,000+
45,750+
75
22.9
92
10.2
76
22.0
93
9.6
77
21.2
94
9.1
78
20.3
95
8.6
79
19.5
96
8.1
80
18.7
97
7.6
81
17.9
98
7.1
82
17.1
99
6.7
83
16.3
100
6.3
84
15.5
101
5.9
85
14.8
102
5.5
86
14.1
103
5.2
rF Tax Facts At-A-Glance
*For example: If you were single, your AGI was $25,000, and you contributed
$2,000 into your 401k then the government would give you a $200 tax credit.
That’s a 10% match on top of what your employer might have given you!
Maximum Qualified Long-Term-Care Insurance Premiums
Eligible for Deduction
Age
40 or less
>40.<50
>50.<60
>60.<70
Over 70
2015
$380
$710
$1,430
$3,800
$4,750
2014
370
700
1,400
3,720
4,660
Qualified LTC contract per diem limit: $330.
Federal Estate and Gift Tax
Year
Top Estate Tax
Rate
Estate Tax
Exemption
Applicable
Credit
Gift Tax Lifetime
Exemption
Gift Tax
Applicable
Credit Amount
Top Gift Tax
Rate
2014
40%
5.34 million
2,081,800
5.34 million
2,081,800
40%
2015
40%
5.43 million
2,117,800
5.43 million
2,117,800
40%
States With Separate Estate Tax
CT, DC, DE, HI, IL, MA, MD, ME, MN, NJ, NY, OR, RI, VT, WA
States With Inheritance Tax
IA, KY, MD, NE, NJ, PA, TN
Community Property States
AK*, AZ, CA, ID, LA, NM, NV, TX, WA, WI *Opt-in community property state
Gift Tax 2015
Annual Gift Tax Exclusion:
Individual donor may gift $14,000 per donee
Individual may gift to non-U.S. Citizen spouse $147,000
Generation-Skipping Transfer Tax Exemption: $5,430,000
Education Incentives
2014
2015
$ 160,000 - 180,000
$ 160,000 - 180,000
80,000 - 90,000
80,000 - 90,000
108,000 - 128,000
110,000 - 130,000
54,000 - 64,000
55,000 - 65,000
113,950 -143,950
115,750 -145,750
76,000 - 91,000
77,200 - 92,200
Maximum contribution of
$2,000
Maximum contribution of
$2,000
190,000 - 220,000
190,000 - 220,000
95,000 - 110,000
95,000 - 110,000
Phase-Out for American Opportunity Credit/Hope Scholarship Credit
Married Filing Jointly
Others
Phase-Outs for Lifetime Learning Credits
Married Filing Jointly
Others
Phase-Outs for Exclusion of U.S. Savings Bond Income
Married Filing Jointly
Others
Phase-Outs for Coverdell Education Savings Accounts
Married Filing Jointly
Others
Miscellaneous Plan Limits:
Benefit Description
2014 Plan Limit
2015 Plan Limit
Health FSA Maximum
$2,500
$2,550
Dependent Care Assistance Program
5,000
5,000
HSA Maximum Annual Contribution Limit (Single/MFJ)
3,300/6,550
3,350/$6,650
HSA Catch-up Contribution Limit
1,000
1,000
HDHP Minimum Annual Deductible (Single/MFJ)
1,250/2,500
1,300/2,600
HDHP Maximum Out-of-Pocket (Single/MFJ)
6,350/12,700
6,450/12,900
7
rebel Financial LLC
540 Officenter Place, Suite 286
Gahanna, OH 43230
Phone: 614-441-9605
Fax: 614-441-4150
rebelfinancialllc.com
2015 Tax Facts At-A-Glance
This document is for informational use only. Nothing in this publication is intended to constitute legal, tax, or investment
advice. There is no guarantee that any claims made will come to pass. The information contained herein has been
obtained from sources believed to be reliable, but rebel Financial LLC does not warrant the accuracy of the information.
Consult a financial, tax or legal professional for specific information related to your own situation.
The information in this brochure has not been approved or verified by the United States Securities and Exchange
Commission, or by any state securities authority. Additional information about rebel Financial LLC is available on in
our Form ADV Part II, which is available at anytime at www.rebelfinancialllc.com. This document provides information
about the qualification and business practices of rebel Financial LLC. If you have any questions about the contents of this
brochure, please contact us at (614) 441-9605, or by email at [email protected].
© 2014 rebel Financial LLC
rebelfinancialllc.com