2015 YEAR-END
TAX GUIDE
2015 Tax Reference Tables



Inflation/Cost of Living Tax Updates

Tax Benefit 2015 2016
Personal/Dependent Exemption $4,000 $4,050
STANDARD DEDUCTION
Married FIling Joint $12,600 $12,600
Single $6,300 $6,300
Married FIling Seperately $6,300 $6,300
Head of Household $9,250 $9,300
Maximum Earned Income Tax Credit for Low/Moderate Income Workers $9,250 $9,300
Foreign Earned Income Deduction $100,800 $101,300
Maximum Taxable Social Security Earnings Base $118,500 $118,500*
* According to www.SSA.gov

 

2015 Corporate Tax Rates

OVER BUT NOT OVER THE TAX IS OF THE AMOUNT OVER
$--- $50,000 15% $---
$50,000 $75,000 $7,500 + 25% $50,000
$75,000 $100,000 $13,750 + 34% $75,000
$100,000 $335,000 $22,250 + 39% $100,000
$335,000 $10,000,000 $113,900 + 34% $335,000
$10,000,000 $15,000,000 $3,400,000 + 35% $10,000,000
$15,000,000 $18,333,333 $5,150,000 + 38% $15,000,000
$18,333,333 --- 35% ---

 

Phase-Out of Itemized Deductions the “Pease” Limitations

Subject to limitations certain itemized deductions are phased out once AGI exceeds certain thresholds:

FILING STATUS AGI THRESHOLD FOR PEASE LIMITATION 2015 AGI THRESHOLD FOR PEASE LIMITATION 2016
MARRIED FILING JOINTLY $309,900 $311,300
MARRIED FILING SEPERATELY $154,950 $155,650
SINGLE $258,250 $259,400
HEAD OF HOUSEHOLE $284,050 $285,350

 

2016 Individual Income Tax Rates*

RATE SINGLE HEAD OF HOUSHOLD MARRIED-JOINT MARRIED-SEPARATE
10% $0 - $9,275 $0 – $13,250 $0 - $18,550 $0 – $9,275
15% $9,275 - $37,650 $13,250 - $50,400 $18,550 - $75,300 $9,275 - $37,650
25% $37,650 - $91,150 $50,400 - $130,150 $75,300 - $151,900 $37,650 - $75,950
28% $91,150 - $190,150 $130,150 - $210,800 $151,900 - $231,450 $75,950 - $115,725
33% $190,150 - $413,350 $210,800 - $413,350 $231,450 - $413,350 $115,725 - $206,675
35% $413,350 - $415,050 $413,350 - $441,000 $413,350 - $466,950 $206,675 - $233,475
39.6% Over $415,050 Over $441,000 Over $466,950 Over $233,475
*Proposed as of this writing.

 

2016 AMT Exemption

2015 AMT EXEMPTION 2015 2016
MARRIED FILING JOINTLY $83,400 $83,800
MARRIED FILING SEPERATELY $41,700 $41,900
SINGLE $53,600 $53,900
As AGI increases over a certain threshold, the AMT exemption is phased out.

 

2015 Individual Income Tax Rates

RATE SINGLE HEAD OF HOUSHOLD MARRIED-JOINT MARRIED-SEPARATE
10% $0 - $9,225 $0 – $13,150 $0 – $18,450 $0 – $9,225
15% $9,226 - $37,450 $13,151 - $50,200 $18,451 - $74,900 $9,226 - $37,450
25% $37,451 - $90,750 $50,201 - $129,600 $74,901 - $151,200 $37,451 - $75,600
28% $90,751 - $189,300 $129,601 - $209,850 $151,201 - $230,450 $75,601 - $115,225
33% $189,301 - $411,500 $209,851 - $411,500 $230,451 - $411,500 $115,226 - $205,750
35% $411,501 - $413,200 $411,501 - $439,000 $411,501 - $464,850 $205,751 - $232,425
39.6% Over $413,200 Over $439,000 Over $464,850 Over $232,425

 

Taxable Income Threshold

FILING STATUS TAXABLE INCOME THRESHOLD FOR THE 20% RATE FOR LONG-TERM CAPITAL GAIN AND QUALIFIED DIVIDENS
MARRIED FILING JOINTLY $464,850
HEAD OF HOUSEHOLE $439,000
SINGLE $413,200
MARRIED FILING SEPERATELY $232,425
TRUST & ESTATES $12,300

 

Dollar Limits for Retirement Plans

PLAN TYPES 2015 LIMITS*
Defined contribution plans $53,000
Defined benefit plans $265,000
Deferred contribution plans - 401(k), 403(b) and 457 plans: Under age 50
Age 50 and older
$18,000
$24,000
Simple plans: Under age 50
Age 50 and older
$12,500
$15,500
IRA, traditional and Roth: Under age 50
Age 50 and older
IRA AGI Phase-Out (married)
IRA AGI Phase-Out (single/HOH)
$5,500
$6,500
$98,000
$61,000
OTHER THRESHOLDS 2015 LIMITS
SEP Annual compensation limit
$265,000
Key employee in a top-heavy plan
$170,000
Highly compensated employee $120,000
Social Security Wage Base $118,500
*As of this writing, the 2016 limits are not projected to increase from the 2015 units.

 

2015 Estates and Trusts Tax Rates

OVER BUT NOT OVER THE TAX IS OF THE AMOUNT OVER
$ --- $2,500 15% $ ---
$2,500 $5,900 $375.00 + 25% $2,500
$5,900 $ 9,050 $1,225.00 + 28% $5,900
$9,050 $12,300 $2,107.00 + 33% $9,050
$12,300 --- $3,179.50 + 39.6% $12,300

 

2016 Gift & Estate Tax Exemption

  2011 2012 2013 2014 2015 2016
GIFT TAX EXEMPTION $5,000,000 $5,120,000 $5,250,000 $5,340,000 $5,430,000 $5,450,000
ESTATE TAX EXEMPTION $5,000,000 $5,120,000 $5,000,000 $5,340,000 $5,430,000 $5,450,000
GST TAX EXEMPTION $5,000,000 $5,120,000 $5,250,000 $5,340,000 $5,430,000 $5,450,000
HIGHEST ESTATE & GIFT TAX RATES 35% 35% 40% 40% 40% 40%

 

Additional Updates:
  • The Annual Gift Tax Exclusion amount is scheduled to remain $14,000 in 2015 and 2016.
  • The Kiddie Tax thresholds, which apply to unearned income of minor children has increased to $2,100.
  • Proposed Transportation Fringe Benefits for employer provided transportation benefits are $250 for parking and $130 for transit.