2015 Tax Rates

Tax Rate Changes for 2015 –

Federal Income tax bracket thresholds for 2015:

Single:

10% $9,225

15% 37,450

25% 90,750

28% 189,300

33% 411,500

35%  413,200

39.6% over 413,201

Married Joint

10% $18,450

15% 74,900

25% 151,200

28% 230,450

33% 411,500

35%  232.425

39.6% over 232,426

The Standard Deduction for 2015 is up slightly:

Single Filers: $6300

Married Couples $12,600

Personal and Dependent Exemptions:

$4000 each

Maximum amount of the earned income tax credit for Low and moderate-income workers for 2015 is $6242 3 children with a maximum income limit of $47,747 HOH or $53,267 MFJ.

Standard Mileage Rates for 2015:

Business:57.5 cents/mile

Medical: 23 cents/mile

Charity: 14 cents/mile

 

The foreign earned income exclusions amount rose to $100,800 for 2015