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