Tax Rate Guide for 2013 and 2014

Tax Rate Guide for 2013 and 2014

Standard Mileage Rates
Corporate Tax Rate Schedule
Individual Tax Rate Schedules
Standard Deductions/Personal Exemptions
Capital Gains and Dividends Taxed as Net Capital Gain
AMT Tax Brackets
Tax Rate Schedules for Estates and Trusts
Applicable Exclusion Amount for Estate Tax
Lifetime Exclusion Amount for Gift Tax
Gift Tax Annual Exclusion
Estate and Gift Tax Rates for Decedents Dying in 2012/2013
ERISA and Tax Code Pension and Retirement Plan Limits

Standard Mileage Rates

	2014	2013
Business	56.0 cents per mile	56.5 cents per mile
Charitable	14 cents per mile	14 cents per mile
Medical and Moving	23.5 cents per mile	24 cents per mile

Corporate Tax Rate Schedule

If Taxable Income Is		The Tax Is:
Not over $50,000		15% of the taxable income
Over $50,000	but not over $75,000	$7,500 plus	25% of the amount over $50,000
Over $75,000	but not over $100,000	$13,750 plus	34% of the amount over $75,000
Over $100,000	but not over $335,000	$22,250 plus	39% of the amount over $100,000
Over $335,000	but not over $10,000,000	$113,900 plus	34% of the amount over $335,000
Over $10,000,000	but not over $15,000,000	$3,400,000 plus	35% of the amount over $10,000,000
Over $15,000,000	but not over $18,333,333	$5,150,000 plus	38% of the amount over $15,000,000
Over 18,333,333		35% of the taxable income
Qualified personal service corporations are taxed at a flat rate of 35% of taxable income

Individual Tax Rate Schedules

2014

2014 Unmarried Individuals (Other than Surviving Spouses and Heads of Households)

If Taxable Income Is:		The Tax Is:
Not over $9,075		10% of the taxable income
Over $9,075	but not over $36,900	$907.50 plus	15% of the excess over $9,075
Over $36,900	but not over $89,350	$5,081.25 plus	25% of the excess over $36,900
Over $89,350	but not over $186,350	$18,193.75 plus	28% of the excess over $89,350
Over $186,350	but not over $405,100	$45,353.75 plus	33% of the excess over $186,350
Over $405,100		$117,541.25 plus	35% of the excess over $405,100

2014 Married Individuals Filing Joint Returns and Surviving Spouses

If Taxable Income Is:		The Tax Is:
Not over $18,150		10% of the taxable income
Over $18,150	but not over $73,800	$1,815.00 plus	15% of the excess over $18,150
Over $73,800	but not over $148,850	$10,162.50 plus	25% of the excess over $73,800
Over $148,850	but not over $226,850	$28,925.00 plus	28% of the excess over $148,850
Over $226,850	but not over $405,100	$50,765.00 plus	33% of the excess over $226,850
Over $405,100		$109,587 plus	35% of the excess over $457,600

2014 Married Individuals Filing Separate Returns

If Taxable Income Is:		The Tax Is:
Not over $9,075		10% of the taxable income
Over $9,075	but not over $36,900	$907.50 plus	15% of the excess over $9,075
Over $36,900	but not over $74,425	$5,081.25 plus	25% of the excess over $36,900
Over $74,425	but not over $113,425	$14,462.50 plus	28% of the excess over $74,425
Over $113,425	but not over $202,550	$25,382.50 plus	33% of the excess over $113,425
Over $202,550		$54,793.75 plus	35% of the excess over $202,550
Over $228,800		$63,981.25 plus	39.6% of the excess over $228,800

2014 Heads of Households

If Taxable Income Is:		The Tax Is:
Not over $12,950		10% of the taxable income
Over $12,950	but not over $49,400	$1,295 plus	15% of the excess over $12,950
Over $49,400	but not over $127,550	$6,762.50 plus	25% of the excess over $49,400
Over $127,550	but not over $206,600	$26,300 plus	28% of the excess over $127,550
Over $206,600	but not over $405,100	$48,434 plus	33% of the excess over $206,600
Over $405,100	but not over $432,200	$113,939 plus	35% of the excess over $405,100
Over $432,200		$123,424 plus	35% of the excess over $432,200

2013

2013 Unmarried Individuals (Other than Surviving Spouses and Heads of Households)

If Taxable Income Is:		The Tax Is:
Not over $8,925		10% of the taxable income
Over $8,925	but not over $36,250	$892.50 plus	15% of the excess over $8,925
Over $36,250	but not over $87,850	$4,991.25 plus	25% of the excess over $36,250
Over $87,850	but not over $183,250	$17,891.25 plus	28% of the excess over $87,850
Over $183,250	but not over $398,350	$44,903.25 plus	33% of the excess over $183,250
Over $398,350	but not over $400,000	$115,586.25 plus	35% of the excess over $398,350
Over $400,000		$116,163.75 plus	39.6% of the excess over $400,000

2013 Married Individuals Filing Joint Returns and Surviving Spouses

If Taxable Income Is:		The Tax Is:
Not over $17,850		10% of the taxable income
Over $17,850	but not over $72,500	$1,785 plus	15% of the excess over $17,850
Over $72,500	but not over $146,400	$9,982.50 plus	25% of the excess over $72,500
Over $146,400	but not over $223,050	$28,457.50 plus	28% of the excess over $146,400
Over $223,050	but not over $398,350	$49,919.50 plus	33% of the excess over $223,050
Over $398,350	but not over $450,000	$107,768.50 plus	35% of the excess over $398,350
Over $450,000		$125,846 plus	39.6% of the excess over $450,000

2013 Married Individuals Filing Separate Returns

If Taxable Income Is:		The Tax Is:
Not over $8,925		10% of the taxable income
Over $8,925	but not over $36,250	$892.50 plus	15% of the excess over $8,925
Over $36,250	but not over $73,200	$4,991.25 plus	25% of the excess over $36,250
Over $73,200	but not over $111,525	$14,228.75 plus	28% of the excess over $73,200
Over $111,525	but not over $199,175	$24,959.75 plus	33% of the excess over $111,525
Over $199,175	but not over $225,000	$53,884.25 plus	35% of the excess over $199,175
Over $225,000		$62,923 plus	39.6% of the excess over $225,000

2013 Heads of Households

If Taxable Income Is:		The Tax Is:
Not over $12,750		10% of the taxable income
Over $12,750	but not over $48,600	$1,275 plus	15% of the excess over $12,750
Over $48,600	but not over $125,450	$6,652.50 plus	25% of the excess over $48,600
Over $125,450	but not over $203,150	$25,865 plus	28% of the excess over $125,450
Over $203,150	but not over $398,350	$47,621 plus	33% of the excess over $203,150
Over $398,350	but not over $425,000	$112,037 plus	35% of the excess over $398,350
Over $425,000		$121,364.50 plus	39.6% of the excess over $425,000

Standard Deductions/Personal Exemptions

Standard Deduction Tables

	2014	2013
Married Filing Jointly and Surviving Spouses	$12,400	$12,200
Heads of Households	$9,100	$8,950
Single	$6,200	$6,100
Married Filing Separate	$6,200	$6,100
Additional Amount for Aged and Blind, Married and Surviving Spouses	$1,200 for each	$1,200 for each
Additional Amount for Aged and Blind, Singles and Heads of Household	$1,550 for each	$1,500 for each

Personal Exemptions and Phaseout Amounts

	2014		2013
Personal Exemption Amount	$3,950		$3,900
Before January 1, 2010, code section 151(d)(3) phaseout of the tax benefit of the personal exemptions is calculated by reducing the total amount of the personal exemptions by 2% for each $2,500 increment (or portion thereof) of adjusted gross income in excess of a threshold phaseout amount adjusted for inflation. The personal exemption phaseout is repealed for 2010. The repeal is extended until 2012. Beginning in 2013, the exemption is subject to a phase-out that begins with adjusted gross incomes of $250,000 ($300,000 for married couples filing jointly). It phases out completely at $372,500 ($422,500 for married couples filing jointly.)

Capital Gains and Dividends Taxed as Net Capital Gain

Capital Gains

	2005-12	2013-14
Rate for Non-corporate Taxpayers above 15% income tax bracket	15%	15%
Capital gains rate for MFJ earning over $450,000 and for filing single earning over $400,000	15%	20%
	2005-07	2008-14
Rate for Non-corporate Taxpayers in 10% or 15% tax bracket	5%	0%

Qualified Dividends Taxed as Net Capital Gain

	2005-12	2013-14
Rate for Non-corporate Taxpayers above 15% income tax bracket	15%	15%
Rate for Non-corporate Taxpayers with 39.6% income tax bracket	15%	20%
Rate for Non-corporate Taxpayers in 10% of 15% tax bracket	0%	0%

AMT Tax Brackets

2013 AMT Exemptions Amounts:

$51,900 for single and head of household filers,

$80,800 for married people filing jointly and for qualifying widows or widowers, and

$40,400 for married people filing separately.

AMT Tax Rates:

The exemption amounts mean that this amount of AMT taxable income is not subject to the AMT. Income over these amounts may be subject to AMT. Unlike the ordinary tax rates, the AMT has only two tax brackets. The AMT tax rate is assessed only on AMT income over the exemption amount. The AMT tax rates are:

26% on the first $175,000 of AMT taxable income, and

28% on the remainder of AMT taxable income

Tax Rate Schedules for Estates and Trusts

2014

If Taxable Income Is:		The Tax Is:
Not over $2,450		15% of the taxable income
Over $2,450	but not over $5,700	$367.50 plus	25% of the excess over $2,450
Over $5,700	but not over $8,750	$1,180 plus	28% of the excess over $5,700
Over $8,750	but not over $11,950	$2,034 plus	33% of the excess over $8,750
Over $11,950		$3,090.00 plus	39.6% of the excess over $12,150

2013

If Taxable Income Is:		The Tax Is:
Not over $2,450		15% of the taxable income
Over $2,450	but not over $5,700	$367.50 plus	25% of the excess over $2,450
Over $5,700	but not over $8,750	$1,180 plus	28% of the excess over $5,700
Over $8,750	but not over $11,950	$2,034 plus	33% of the excess over $8,750
Over $11,950		$3,090 plus	39.65% of the excess over $11,950

Applicable Exclusion Amount for Estate Tax

Year of Transfer	Applicable Exclusion Amount
2012	$13,000
2013	$14,000
2014	$14,000

Lifetime Exclusion Amount for Gift Tax

Year of Transfer	Applicable Exclusion Amount
2014	$5,340,000
2013	$5,250,000

Gift Tax Annual Exclusion

Year of Transfer	Applicable Exclusion Amount
2002-2005	$11,000
2006-2008	$12,000
2009-2012	$13,000
2013	$14,000
2014	$14,000

Estate and Gift Tax Rates for Decedents Dying in 2012/2013

Taxable Amount Over	Taxable Amount Not Over	Tax on Amount in 1st Column	Rate of Tax on Excess Over Amount in 1st Column
			2014/2013
$0	$10,000	$0	18%
$10,000	$20,000	$1,800	20%
$20,000	$40,000	$3,800	22%
$40,000	$60,000	$8,200	24%
$60,000	$80,000	$13,000	26%
$80,000	$100,000	$18,200	28%
$100,000	$150,000	$23,800	30%
$150,000	$250,000	$38,800	32%
$250,000	$500,000	$70,800	34%
$500,000	$750,000	$155,800	37%
$700,000	$1,000,000	$248,300	39%
$1,000,000		$345,800	40%

ERISA and Tax Code Pension and Retirement Plan Limits

	2014	2013
Deferral Limits for Plans
401(k)	17,500	17,500
SIMPLE	12,000	12,000
403(b)	17,500	17,500
457	17,500	17,500
Catch-Up Contributions for Participants Age 50 or Older
401(k) Plans	5,500	5,500
SIMPLE	2,500	2,500
Qualified Plans – Annual Compensation Limit	260,000	255,000
Defined Benefit Maximum Annual Benefit	210,000	205,000
Defined Contribution – Maximum Annual Addition	52,000	51,000
“Key Employee” in Top-Heavy Plan	170,000	165,000
To Determine Maximum Account Balance in ESOP Subject to 5-Year Distribution Period	1,050,000	1,035,000
“Highly Compensated Employee” Threshold	115,000	115,000
SEP Compensation Threshold for Participation	550	550
Definition of “Control Employee” for Fringe Benefit Valuation
Regs. 1.61-21(f)(5)(i)	105,000	100,000
Regs. 1.61-21(f)(5)(iii)	210,000	205,000
Social Security Wage Base	117,000	113,700

 

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