2014 Tax Rate

2014 Tax Rates Schedule X – Single

2014 Tax Rates Schedule Y-1 – Married Filing Jointly or Qualifying Widow(er)
If taxable income is over	But not over	The tax is
$0	$18,150	10% of the taxable amount
$18,150	$73,800	$1,815 plus 15% of the excess over $18,150
$73,800	$148,850	$10,162.50 plus 25% of the excess over $73,800
$148,850	$226,850	$28,925 plus 28% of the excess over $148,850
$226,850	$405,100	$50,765 plus 33% of the excess over $226,850
$405,100	$457,600	$109,587.50 plus 35% of the excess over $405,100
$457,600	no limit	$127,962.50 plus 39.6% of the excess over $457,600

2014 Tax Rates Schedule Y-2 – Married Filing Separately
If taxable income is over	But not over	The tax is
$0	$9,075	10% of the taxable amount
$9,075	$36,900	$907.50 plus 15% of the excess over $9,075
$36,900	$74,425	$5,081.25 plus 25% of the excess over $36,900
$74,425	$113,425	$14,462.50 plus 28% of the excess over $74,425
$113,425	$202,550	$25,382.50 plus 33% of the excess over $113,425
$202,550	$228,800	$54,793.75 plus 35% of the excess over $202,550
Over $228,800	no limit	$63,981.25 plus 39.6% of the excess over $228,800

2014 Tax Rates Schedule Z – Head of Household
If taxable income is over	But not over	The tax is
$0	$12,950	10% of the taxable amount
$12,950	$49,400	$1,295 plus 15% of the excess over $12,950
$49,400	$127,550	$6,762.50 plus 25% of the excess over $49,400
$127,550	$206,600	$26,300 plus 28% of the excess over $127,550
$206,600	$405,100	$48,434 plus 33% of the excess over $206,600
$405,100	$432,200	$113,939 plus 35% of the excess over $405,100
$432,200	no limit	$123,424 plus 39.6% of the excess over $432,200

Additional Medicare 2014 Tax Rates
Additional Medicare Tax	0.9%
Filing status	Compensation over
Married filing jointly	$250,000
Married filing separate	$125,000
Single	$200,000
Head of household (with qualifying person)	$200,000
Qualifying widow(er) with dependent child	$200,000

Education 2014 Credit and Deduction Limits
American Opportunity Tax Credit	$2,500
Lifetime Learning Credit	$2,000
Student Loan Interest Deduction	$2,500
Coverdell Education Savings Contribution	$2,000

Miscellaneous 2014 Tax Rates
Personal Exemption	$3,950
Business Equipment Expense Deduction	$500,000
Prior-year safe harbor for estimated taxes of higher-income	110% of your 2013 tax liability
Standard mileage rate for business driving	56 cents
Standard mileage rate for medical/moving driving	23.5 cents
Standard mileage rate for charitable driving	14 cents
Child Tax Credit	$1,000 per qualifying child
Unearned income maximum for children 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%, 28%, 33%, or 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	25%
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	$12,000 if under age 50 $14,500 if 50 or older
Maximum Contribution to SEP IRA	25% of compensation up to $52,000
401(k) maximum employee contribution limit	$17,500 if under age 50 $23,000 if 50 or older
Self-employed health insurance deduction	100%
Estate tax exemption	$5,340,000
Annual Exclusion for Gifts	$14,000