2014 Federal Tax Schedules

All numbers are adjusted for inflation.

 

Married individuals filing joint returns and surviving spouses

If taxable income is: Tax is:
$1 - $18,150 10% of taxable income
$18,151 - $73,800 15% of taxable income
$73,801 - $148,850 25% of taxable income
$148,851 - $226,850 28% of taxable income
$226,851 - $405,100 33% of taxable income
$405,101- $457,600 35% of taxable Income
Over $457,600 39.6% of taxable income

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Heads of Households

If taxable income is: Tax is:
$1 - $12,950 10% of taxable income
$12,951 - $49,400 15% of taxable income
$49,401 - $127,560 25% of taxable income
$127,561 - $206,600 28% of taxable income
$206,601 - $405,100 33% of taxable income
$405,101 - $432,200 35% of taxable income
Over $432,200 39.6% of taxable income

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Single individuals (other than surviving spouses and heads of households)

If taxable income is: Tax is:
$1 - $9,075 10% of taxable income
$9,076 - $36,900 15% of taxable income
$36,901 - $89,350 25% of taxable income
$89,351 - $186,350 28% of taxable income
$186,351 - $405,100 33% of taxable income
$405,101 - $406,750 35% of taxable income
Over $406,750 39.6% of taxable income

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Married individuals filing separate returns

If taxable income is: Tax is:
$1 - $9,075 10% of taxable income
$9,076- $36,900 15% of taxable income
$36,901 - $74,425 25% of taxable income
$74,426 - $113,425 28% of taxable income
$113,426 - $202,550 33% of taxable income
$202,551 - $228,800 35% of taxable income
Over $228,800 39.6% of taxable income

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U.S. Taxpayers Working Abroad

Taxable Income Exclusion $99,200

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Standard Deduction

Single $6,200
Married filing Jointly/Surviving spouses $12,400
Married filing separately $6,200
Head of household $9,100
Additional for elderly or blind (married) $1,200
Additional for elderly or blind (head of household) $1,550
Additional for elderly or blind (single) $1,550
Taxpayer dependent of another greater of $1000 or $350 plus earned income, not to exceed regular standard deduction

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Maximum/minimum rate for net long-term capital gains

Over 12 month holding period 15%
Exception for 0%-15% tax bracket 0%
Taxpayers in the new 39.6% tax bracket 20%

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Personal exemption

$3,950 (zero for individual who is dependent of another taxpayer)

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FICA & self-employment tax

Taxable wages for social security up to $117,000
Maximum social security - employer $7,254
Maximum social security - employee $7,254
Social Security tax rate - employer 6.2%
Social Security tax rate - employee 6.2%
Social Security tax rate - self-employed 12.4%
Taxable wages for Medicare All
Maximum Medicare tax No limit
Medicare tax rate for both employers and employees 1.45%
Medicare tax rate for self-employed 2.9%
Self-employed health insurance deduction 100%

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Social security earnings limit

Year before Social Security eligibility $15,480
Year of Social Security eligibility $40,080
Year after Social Security eligibility No limit

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Retirement plan limitations

IRA Contribution Limit $5,500
     50 & over catch-up $1,000
SIMPLE Deferral Limit $12,000
     50 & over catch-up $2,500
401(k) Deferral Limit $17,500
     50 & over catch-up $5,500

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Retirement plan Cost of Living Adjustments (COLAs)

Category  
Compensation Cap for Plan Purposes $260,000
Compensation for Highly Compensated Definition $115,000
Compensation for HCE Definition and Top Paid 20% $115,000
Key Employee Compensation - Officer $170,000
Key Employee Compensation - 1% Owner $170,000
Deferral Limit for 401(k) & SAR-SEPs $17,500
Deferral Limit for 403(b) Plans $17,500
Deferral Limit for 457(b) Plans $17,500
Deferral Limit for SIMPLE IRA Plans $12,000
Maximum Match for SIMPLE IRA Plans $12,000
Minimum Earnings for SEP Contribution Plans $550
Social Security Wage Base OASDI $117,000
Medicare Wage Base Unlimited

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Section 179 Deduction

$25,000 for property placed in service in calendar year 2014
Investment Limitation - $200,000 for qualified property placed in service during 2014.

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Kiddie tax unearned income maximum

$2,000

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Education Loan Interest Deduction

$2,500

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Education Savings Account Contribution

$2,000

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Estate Tax Exemption

Federal $5,340,000 per person and $10,680,000 per couple. The Executor of a deceased spouse's estate is allowed to transfer any unused exemption to the surviving spouse.
State of Tennessee $2,000,000 (2014)
$5,000,000 (2015)
Repealed (2016)

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Top Estate Tax Rate

Federal Estate, Gift, and Generation Skipping Transfer Taxes have a top rate of 40% in 2014.

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Annual Gift Exclusion

$14,000

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Standard mileage allowance

Business 56 cents/mile
Charitable activities 14 cents/mile
Medical expense 23.5 cents/mile
Moving expense 23.5 cents/mile

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Phase-out income levels (based on adjusted or modified adjusted gross income)

Personal exemption and Itemized Deductions
Single $254,200
Joint returns & surviving spouses $305,050
Married filing separately $152,525
Head of household $279,650
College Savings bond interest exclusion
Single/Head of Household $76,000/$91,000
Joint $113,950/$143,950
Married filing separately $0
IRA deductibility (with company pension)
Single/Head of Household $60,000 - 70,000
Joint, when taxpayer has company pension $96,000 - 116,000
Joint, when spouse has company pension $181,000 -191,000
Married filing separately $0-$10,000
Roth IRA eligibility
Single/Head of household $114,000 - 129,000
Joint $181,000 - 191,000
Married filing separately $0 - 10,000
Rollover of regular IRA to Roth IRA No income limit
Child credit
$1,000 per child for 2014 for one or more qualifying children
Single/Head of household starts at $75,000
Joint starts at $110,000
Married filing separately starts at $55,000
Education IRA
Single/Head of household
$95,000 - 110,000
Married filing separately $95,000 - 110,000
Joint $190,000 - 220,000
HOPE Credit
Single/Head of household $80,000 - 90,000
Joint $160,000 - 180,000
Married filing separately $0
Lifetime Learning Credit
Single/Head of household $54,000 - 64,000
Joint $108,000 - 128,000
Married filing separately $0
Education loan interest deduction
Single/Head of Household $65,000 - $80,000
Joint $130,000 - 160,000
Married filing separately $0


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