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29 Jan / Tax Tables 2014

CPA Canton Michigan

The 2014 tax table can be found below.  They are critical in help clients during the tax planning stage. When tax planning it is necessary to plan during the year. If your are planning for 2014, by the time 2015 rolls around it is too late.  Planning is something that is done with forethought not afterthought.

Planning for individuals who are not self employed has its limitation. We look at increasing payments to things like traditional IRA’s, 401k and 401b. We look at paying the winter tax bill before the end of the year. We look at interest expense on your personal residence to determine just how much tax those payments are really saving. We also looks at things like deferred comp, increase donations, making payments to college saving plans and also have to consider tax free investments such as municipal bonds.

 

 

Individual Filer Rates:

  • $0 to $8,925 = 10% rate
  • $8,926 to $36,250 = 15%
  • $36,251 to $87,850 = 25%
  • $87,851 to $183,250 = 28%
  • $183,251 to $398,350 = 33%
  • $398,351 to $400,000 = 35%
  • $400,001 and above = 39.6%

 

Married Filing Jointly:

  • $0 to $17,850 = 10%
  • $17,851 to $72,500 = 15%
  • $72,501 to $146,400 = 25%
  • $146,401 to $223,050 = 28%
  • $223,051 to $398,350 = 33%
  • $398,351 to $450,000 = 35%
  • $450,001 and over = 39.6%

 

Married Filing Separate:

  • $0 to $8925 = 10%
  • $8,926 to $36,250 = 15%
  • $36,251 to $73,200 = 25%
  • $73,201 to $111,525 = 28%
  • $111,526 to $199,175 = 33%
  • $199,176 to $225,000 = 35%
  • $225,001 and over = 39.6%

 

 

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Tax advice contained in this communication, including attachments and enclosures, is not intended or written to be used, and may not be used for the purpose of (i) avoiding tax related penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any tax-related matters addressed herein.

 

 

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By Jschultz in Tax
The 2014 tax table can be found below.  They are critical in help clients during the tax planning stage. When tax planning it is necessary to plan during the year. If your are planning for 2014, by the time 2015 rolls around it is too...
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