2014 Tax Table Ceilings and Limits

*How much your employees or clients should plan on having withheld. Note that these tables are not 2014 personal tax returns.

Married Individuals Filing Jointly and Surviving Spouses

If taxable income is over….. but not over….. the tax is….. of the amt over…… $0 $18,150 10% of the taxable income $0 $18,150 $73,800 $1,815.00+15% $18,150 $73,800 $148,850 $10,162.50+25% $73,800 $148,850 $226,850 $28,925.00+ 28% $148,850 $226,850 $405,100 $50,765.00+33% $226,850 $405,100 $457,600 $109,587.50+35% $405,100 $457,600 $127,962.50+ 39.6% $457,600

Standard Deduction: $12,400

2014 exemptions . Personal, $2,950. Standard deduction for an individual claimed as a dependent is greater of $1,000 or $350 plus individual’s earned income. 

2014 aged or blind. The additional standard deduction amount for aged or blind is $1,200 ( $1,550 if the  individual is unmarried and not a surviving spouse.

2014 Kiddie Tax. Unchanged, kicks in when a dependant child’s unearned income exceeds $1,000. Kiddie Tax AMT exemption may not exceed the sum of child’s earned income for the taxable income for the taxable year, plus $7,250.

2014 monthly qualified transportation fringe. Transit passes or commuter highway vehicles, $130---parking, $250.

2014 adoption assistance program limits. $13,190 is excludable from an employee’s gross income for the adoption of a special needs child or other adoptions. Phaseouts begin at AGIs over $197,880, with complete phaseout at $237,880.

2014 179 deduction. As reported here last month,  unless Congree acts, the $500,00 179 deduction reverts to $25,000 and phase out dollar when assets put in service during the year exceed $200,000.

Head of Household

If taxable income is over….. but not over….. the tax is….. of the amt over…… $0 $12,950 10% of the taxable income $0 $12,950 $49,400 $1295.00+15% $12,950 $49,400 $127,550 $6,762.50+25% $49,400 $127,550 $206,600 $26,300.00+ 28% $127,550 $206,600 $405,100 $48,434.00+33% $206,600 $ 405,100                                                                                  $432,200 $113,939.00+35% $405,100 $432,200 $123,424.00+ 39.6% $432,200

Standard Deduction: $9,100

Married Individuals Filing Separate Returns

If taxable income is over….. but not over….. the tax is….. of the amt over…… $0 $9,075 10% of the taxable income $0 $9,075 $36,900 $907.50+15% $9,075 $36,900 $74,425 $5,081.25+25% $36,900 $74,425 $113,425 $14,462.50+ 28% $74,425 $113,425 $ 202,550                                                                                  $25,382.50+33% $113,425 $ 202,550                                                                                  $228,800 $54,793.75+35% $ 202,550                                                                                  $228,800 $63,981.25+ 39.6% $228,800

Standard Deduction: $6,200

Unmarried ( Not Surviving Spouses or Heads of Households)

If taxable income is over….. but not over….. the tax is….. of the amt over…… $0 $9,075 10% of the taxable income $0 $9,075 $36,900 $907.50+15% $9,075 $36,900 $89,350 $5,081.25+25% $36,900 $89,350 $186,350 $18,193.75+ 28% $89,350 $186,350 $405,100 $45,353.75+33% $186,350 $ 405,100                                                                                  $406,750 $117,541.25+35% $405,100 $406,750 $118,118.75+ 39.6% $406,750

Standard Deduction: $6,200

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