Annual Tax Guide - 2015 Tax Law Changes Chart

Annual Tax Guide - 2015 Tax Law Changes Chart

Peck Financial Advisors Presents:

 

2015 Tax Law Changes Chart

Federal Income Tax Brackets, Tax Year 2015

 

Tax Rate

Single

Married/Joint
& Widow(er)

Married/Separate

Head of Household

10%

$1 - $9,225

$1 - $18,450

$1 - $9,225

$1 - $13,150

15%

$9,225-$37,450

$18,450 - $74,900

$9,225 - $37,450

$13,150 - $50,200

25%

$37,450 - $90,750

$74,900 - $151,200

$37,450 - $75,600

$50,200 - $129,600

28%

$90,750 - $189,300

$151,200 - $230,450

$75,600 - $115,225

$129,600 - $209,850

33%

$189,300 - $411,500

$230,450 - $411,500

$115,225 - $205,750

$209,850 - $411,500

35%

$411,500 - $413,200

$411,500 - $464,850

$205,750 - $232,425

$411,500 - $439,200

39.6%

$413,201 & higher

$464,851 & higher

$232,426 & higher

$439,201 & higher

 

 

Federal Income Tax Brackets, Tax Year 2014

Tax Rate

Single

Married/Joint
& Widow(er)

Married/Separate

Head of Household

10%

$1 - $9,075

$1 - $18,150

$1 - $9,075

$1 - $12,950

15%

$9,076 - $36,900

$18,151 - $73,800

$9,076 - $36,900

$12,951 - $49,400

25%

$36,901 - $89,350

$73,801 - $148,850

$36,901 - $74,425

$49,401 - $127,550

28%

$89,351 - $186,350

$148,851 - $226,850

$74,426 - $113,425

$127,551 - $206,600

33%

$186,351 - $405,100

$226,851 - $405,100

$113,426 - $202,550

$206,601 - $405,100

35%

$405,101 - $406,750

$405,101 - $457,600

$202,551 - $228,800

$405,101 - $432,200

39.6%

$406,751 & higher

$457,601 & higher

$228,801 & higher

$432,201 & higher

 

 

Standard Deductions, 2014 & 2015

Filing Status

2014

2015

Single

$6,200

$6,300

Married Filing Jointly

$12,400

$12,600

Married Filing Separately

$6,200

$6,300

Head of Household

$9,100

$9,250

Surviving Spouse

$12,400

$12,600

 

401(k), 403(b), Thrift Savings Plan Contribution Limits, 2014 & 2015

Limit

2014

2015

Annual Deferral Limit

$17,500

$18,000

Maximum Allowable Catch-Up Contribution

$5,500

$6,000

 

Roth & Traditional IRA Contribution Limits, 2014 & 2015

Limit

2014

2015

Maximum Allowable Annual Contribution

$5,500

$5,500

Maximum Allowable Catch-Up Contribution

$1,000

$1,000

 

Roth IRA Contribution - Phase-Out Ranges, 2014 & 2015

Filing Status

2014 Phase-Out Range

2015 Phase-Out Range

Married filing jointly

$181,000 - $191,000

$183,000 - $193,000

Single

$114,000 - $129,000

$116,000 - $131,000

Head of household

$114,000 - $129,000

$116,000 - $131,000

Married filing separately

$0 - $10,000

$0 - $10,000

 

Deduction for Regular IRA Contributions - Phase-Out Ranges, 2014 & 2015

Filing Status

2014 Phase-Out Range

2015 Phase-Out Range

Married and filing jointly, participating spouse

$96,000 - $116,000

$98,000 - $118,000

Married and filing jointly with non-participating spouse

$181,000 - $191,000

$183,000 - $193,000

Single

$60,000 - $70,000

$61,000 - $71,000

Head of household

$60,000 - $70,000

$61,000 - $71,000

Married filing separately

$0 - $10,000

$0 - $10,000

 

Social Security Taxable Limits*

Filing Status**

Tax levied on up to 50% of Social Security Benefits

Tax levied on up to 85% of Social Security Benefits

Single Filers

$25,000 – $34,000

$34,001 or more

Joint Filers

$32,000 - $44,000

$44,001 or more

 

* If your combined income falls within the above ranges, you may have to pay federal income tax on up to 50% or 85% of your Social Security benefits. These ranges are never adjusted for inflation. Social Security’s combined income formula: adjusted gross income + non-taxable interest + 50% of Social Security benefits = combined income.

**Married couples who file separately generally have their Social Security benefits taxed.

This chart is not intended as a guide for the preparation of tax returns. The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Peck Financial Advisors and MarketingPro, Inc. to recipients. No information herein was intended or written to be used by readers for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions. Readers are cautioned that this material may not be applicable to, or suitable for, their specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. Readers are encouraged to consult with professional advisors for advice concerning specific matters before making any decision, and Peck Financial Advisors and MarketingPro, Inc. disclaim any responsibility for positions taken by taxpayers in their individual cases or for any misunderstanding on the part of readers. Peck Financial Advisors and MarketingPro, Inc. assume no obligation to inform readers of any changes in tax laws or other factors that could affect the information contained herein.

 

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