Mark Rule & Company – Tax Tips

2015 Tax Rates – Single – Standard Deduction $6,300
10% 0 to $9,225
15% $9,225 to $37,450
25% $37,450 to $90,750
28% $90,750 to $189,300
33% $189,300 to $411,500
35% $411,500 to $413,200
39.6% Over $413,200
2015 Tax Rates – Married Jointly & Surviving Spouses – Standard Deduction $12,600
10% 0 to $18,450
15% $18,450 to $74,900
25% $74,900 to $151,200
28% $151,200 to $230,450
33% $230,450 to $411,500
35% $411,500 to $464,850
39.6% Over $464,850
2015 Tax Rates – Married Filing Separately – Standard Deduction $6,300
10% 0 to $9,225
15% $9,225 to $37,450
25% $37,450 to $75,600
28% $75,600 to $115,225
33% $115,225 to $205,750
35% $205,750 to $232,425
39.6% Over $232,425
2015 Tax Rates – Head of Household – Standard Deduction $9,250
10% 0 to $13,150
15% $13,150 to $50,200
25% $50,200 to $129,600
28% $129,600 to $209,850
33% $209,850 to $411,500
35% $411,500 to $439,000
39.6% Over $439,000
2015 Tax Rates – Estates & Trusts
15% 0 to $2,500
25% $2,500 to $5,900
28% $5,900 to $9,050
33% $9,050 to $12,300
39.6% Over $12,300
Social Security 2015 Tax Rates
Social Security Tax Rate: Employers 6.2%
Social Security Tax Rate: Employees 6.2%
Social Security Tax Rate: Self-Employed 12.4%
Maximum Taxable Earnings $118,500
Medicare Base Salary Unlimited
Medicare Tax Rate 1.45%
Miscellaneous 2015 Tax Rates
Personal Exemption $4,000
Business expensing deduction: New Equipment $200,000
Business expensing deduction: Used Equipment and Software $25,000
Prior-year safe harbor for estimated taxes of higher-income 110% of your 2014 tax liability
Standard mileage rate for business driving 1/1/2014 to 12/31/2014 56 cents
Standard mileage rate for business driving 1/1/2015 to 12/31/2015 57.5 cents
Standard mileage rate for medical/moving driving 1/1/2014 to 12/31/2014 23.5 cents
Standard mileage rate for medical/moving driving 1/1/2015 to 12/31/2015 23 cents
Standard mileage rate for charitable driving 14 cents
Child Tax Credit $1,000
Unearned income maximum for children under 19 before kiddie tax applies $1,000
Maximum capital gains tax rate for taxpayers in the 10% or 15% bracket 0%
Maximum capital gains tax rate for taxpayers in the 25% to 35% bracket 15%
Maximum capital gains tax rate for taxpayers in the 39.6% bracket 20%
Capital gains tax rate for unrecaptured Sec. 1250 gains 28%
Capital gains tax rate on collectibles 28%
Maximum contribution for Traditional/Roth IRA $5,500 if under age 50
$6,500 if 50 or older
Maximum employee contribution to SIMPLE IRA $12,500 if under age 50
$15,500 if 50 or older
Maximum Contribution to SEP IRA 25% of eligible compensation
up to $53,000
401(k) maximum employee contribution limit $18,000 if under age 50
$24,000 if 50 or older
Self-employed health insurance deduction 100%
Estate tax exemption $5,340,000
Annual Exclusion for Gifts $14,000
Education 2015 Tax Rates
American Opportunity Credit (Hope) $2,500
Lifetime Learning Credit $2,000
Student Loan Interest Deduction $2,500
Coverdell Education Savings Contribution $2,000