2014 Tax Rates - Single Taxpayers - Standard Deduction $6,200

​

10% - 0 to $9,075
​15% - $9,075 to $36,900

25% - $36,900 to $89,350

28% - $89,350 to $186,350

33% - $186,350 to $405,100

35% - $405,100 to $406,750

39.6% - Over $406,750

​

2014 Tax Rates - Married Jointly & Surviving Spouses - Standard Deduction $12,400

​

10% - 0 to $18,150

15% - $18,150 to $73,800

25% - $73,800 to $148,850

28% - $148,850 to $226,850

33% - $226,850 to $405,100

35% - $405,100 to $457,600

39.6% - Over $457,600

​

2014 Tax Rates - Married Filing Separately - Standard Deduction $6,200

​

10% - 0 to $9,075

15% - $9,075 to $36,900

25% - $36,900 to $74,425

28% - $74,425 to $113,425

33% - $113,425 to $202,550

35% - $202,550 to $228,800

39.6% - Over $228,800

​

2014 Tax Rates - Head of Household - Standard Deduction $9,100

​

10% - 0 to $12,950

15% - $12,950 to $49,400

25% - $49,400 to $127,550

28% - $127,550 to $206,600

33% - $206,600 to $405,100

35% - $405,100 to $432,200

39.6% - Over $432,200

​

2014 Tax Rates - Estates & Trusts

​

15% - 0 to $2,500

25% - $2,500 to $5,800

28% - $5,800 to $8,900

33% - $8,900 to $12,150

39.6% - Over $12,150

​

Social Security

​

Social Security Tax Rate: Employers - 6.2%

Social Security Tax Rate: Employees - 6.2%

Social Security Tax Rate: Self-Employed - 12.4%

Maximum Taxable Earnings - $117,000

Medicare Base Salary - Unlimited

Medicare Tax Rate - 1.45%

Additional Medicare Tax for income above $200,000 (single filers) or $250,00 (joint filers) - 0.9%

Medicare tax on investment income ($200,00 single filers, $250,00 joint filers) - 3.8%

Miscellaneous

​

Personal Exemption - $3,950
Business expensing limit: Cap on equipment purchases - $200,000

Business expensing limit: New and Used Equipment and Software - $25,000

Prior-year safe harbor for estimated taxes of higher-income - 110% of your 2014 tax liability

Standard mileage rate for business driving - 56 cents

Standard mileage rate for medical/moving driving - 23.5 cents

Standard mileage rate for charitable driving - 14 cents

Child Tax Credit - $1,000

Unearned income maximum for children under 19 before kiddie tax applies - $1,000

Maximum capital gains tax rate for taxpayers in the 10% or 15% bracket - 0%

Maximum capital gains tax rate for taxpayers above the 15% bracket but below the 39.6% bracket - 15%

Maximum capital gains tax rate for taxpayers in the 39.6% bracket - 20%

Capital gains tax rate for unrecaptured Sec. 1250 gains - 25%

Capital gains tax rate on collectibles - 28%

Maximum contribution for Traditional/Roth IRA - $5,500 if under age 50; $6,500 if 50 or older

Maximum employee contribution toSIMPLE IRA - $12,000 if under age 50; $14,500 if 50 or older

Maximum Contribution to SEP IRA - 25% of eligible compensation; up to $52,000

401(k) maximum employee contribution limit - $17,500 if under age 50; $23,000 if 50 or older

Estate tax exemption - $5,340,000

Annual Exclusion for Gifts - $14,000

​

Education

​

American Opportunity Credit (Hope) - $2,500

Lifetime Learning Credit - $2,000

Student Loan Interest Deduction - $2,500

Coverdell Education Savings Contribution - $2,000

 

Standard Meal Rates for Family Child Care Providers for 2014 income tax returns

​

Continental U.S.

​

For each breakfast - $1.27

For each lunch or supper - $2.38

For each snack (up to 3 per day for each child) - $0.71

​

Alaska

​

For each breakfast - $2.03

For each lunch or supper - $3.86

For each snack (up to 3 per day for each child) - $1.15

​

Hawaii

​

For each breakfast - $1.48

For each lunch or supper - $2.79

For each snack (up to 3 per day for each child) - $0.83