Individuals:
Over | But Not Over | Tax Rate |
$0 | $9,225 | 10% |
$9,225 | $37,450 | 15% |
$37,450 | $90,750 | 25% |
$90,750 | $189,300 | 28% |
$189,300 | $411,500 | 33% |
$411,500 | $413,200 | 35% |
$413,200 | And over | 39.6% |
Head of Household
Over | But Not Over | Tax Rate |
$0 | $13,150 | 10% |
$13,150 | $50,200 | 15% |
$50,200 | $129,600 | 25% |
$129,600 | $209,850 | 28% |
$209,850 | $411,500 | 33% |
$411,500 | $439,000 | 35% |
$413,200 | And over | 39.6% |
Married Filing Jointly
Over | But Not Over | Tax Rate |
$0 | $18,450 | 10% |
$18,450 | $74,900 | 15% |
$74,900 | $151,200 | 25% |
$151,200 | $230,450 | 28% |
$230,450 | $411,500 | 33% |
$411,500 | $464,850 | 35% |
$464,850 | And over | 39.6% |
Married Filing Separately
Over | But Not Over | Tax Rate |
$0 | $9,225 | 10% |
$9,225 | $37,450 | 15% |
$37,450 | $75,600 | 25% |
$75,600 | $115,225 | 28% |
$115,225 | $205,750 | 33% |
$205,750 | $232,425 | 35% |
$232,425 | And over | 39.6% |
The IRS has also released its standard deductions chart for 2015. Everyone who pays taxes will get a small increase in their standard deduction amount.
Standard Deductions
Filing Status | Standard Deduction Amount |
Single | $6,300 |
Married Filing Jointly | $12,600 |
Married Filing Separately | $6,300 |
Head of Household | $9,250 |
Surviving Spouse | $12,600 |
More Changes for 2015
There were several other important changes for 2015, which the IRS says were made due to inflation. Some of those include:
- The limitation for itemized deductions, which are claimed on 2015 individual returns, starts with incomes of $258,250 or more ($309,900 for married couples filing jointly).
- The personal exemption for tax year 2015 rises to $4,000, up from $3,950 in 2014. However, the exemption does begin to phase-out with adjusted gross incomes of $258,250 ($309,900 for married couples filing jointly). It phases out entirely at incomes of $380,750 ($432,400 for married couples filing jointly.)
- The 2015 maximum Earned Income Credit amount is $6,242 for taxpayers filing jointly who have 3 or more qualifying children, compared to a total of $6,143 for the 2014 tax year.
- Estates of decedents who die during 2015 have a basic exclusion amount of $5,430,000, up from a total of $5,340,000 for estates of decedents who died in 2014.
- The Alternative Minimum Tax exemption amount for tax year 2015 is $53,600 ($83,400, for married couples filing jointly). In 2014, the exemption amount was $52,800 ($82,100 for married couples filing jointly).