2015 Tax Facts at a Glance - Fassi Financial

Presented by
Terri Fassi, CPA, MBA, CDFA
Mike Fassi, CLU, CHFC

Federal Income Tax Brackets, Tax Year 2015

Tax Rate

Single

Married/Joint
& Widow(er)

Married/Separate

Head of Household

10%

$1 - $9,225

$1 - $18,450

$1 - $9,225

$1 - $13,150

15%

$9,225-$37,450

$18,450 - $74,900

$9,225 - $37,450

$13,150 - $50,200

25%

$37,450 - $90,750

$74,900 - $151,200

$37,450 - $75,600

$50,200 - $129,600

28%

$90,750 - $189,300

$151,200 - $230,450

$75,600 - $115,225

$129,600 - $209,850

33%

$189,300 - $411,500

$230,450 - $411,500

$115,225 - $205,750

$209,850 - $411,500

35%

$411,500 - $413,200

$411,500 - $464,850

$205,750 - $232,425

$411,500 - $439,200

39.6%

$413,201 & higher

$464,851 & higher

$232,426 & higher

$439,201 & higher


Federal Income Tax Brackets, Tax Year 2014

Tax Rate

Single

Married/Joint
& Widow(er)

Married/Separate

Head of Household

10%

$1 - $9,075

$1 - $18,150

$1 - $9,075

$1 - $12,950

15%

$9,076 - $36,900

$18,151 - $73,800

$9,076 - $36,900

$12,951 - $49,400

25%

$36,901 - $89,350

$73,801 - $148,850

$36,901 - $74,425

$49,401 - $127,550

28%

$89,351 - $186,350

$148,851 - $226,850

$74,426 - $113,425

$127,551 - $206,600

33%

$186,351 - $405,100

$226,851 - $405,100

$113,426 - $202,550

$206,601 - $405,100

35%

$405,101 - $406,750

$405,101 - $457,600

$202,551 - $228,800

$405,101 - $432,200

39.6%

$406,751 & higher

$457,601 & higher

$228,801 & higher

$432,201 & higher


Standard Deductions, 2014 & 2015

Filing Status

2014

2015

Single

$6,200

$6,300

Married Filing Jointly

$12,400

$12,600

Married Filing Separately

$6,200

$6,300

Head of Household

$9,100

$9,250

Surviving Spouse

$12,400

$12,600


401(k), 403(b), Thrift Savings Plan Contribution Limits, 2014 & 2015

Limit

2014

2015

Annual Deferral Limit

$17,500

$18,000

Maximum Allowable Catch-Up Contribution

$5,500

$6,000


Roth & Traditional IRA Contribution Limits, 2014 & 2015

Limit

2014

2015

Maximum Allowable Annual Contribution

$5,500

$5,500

Maximum Allowable Catch-Up Contribution

$1,000

$1,000


Roth IRA Contribution - Phase-Out Ranges, 2014 & 2015

Filing Status

2014 Phase-Out Range

2015 Phase-Out Range

Married filing jointly

$181,000 - $191,000

$183,000 - $193,000

Single

$114,000 - $129,000

$116,000 - $131,000

Head of household

$114,000 - $129,000

$116,000 - $131,000

Married filing separately

$0 - $10,000

$0 - $10,000


Deduction for Regular IRA Contributions - Phase-Out Ranges, 2014 & 2015

Filing Status

2014 Phase-Out Range

2015 Phase-Out Range

Married and filing jointly, participating spouse

$96,000 - $116,000

$98,000 - $118,000

Married and filing jointly with non-participating spouse

$181,000 - $191,000

$183,000 - $193,000

Single

$60,000 - $70,000

$61,000 - $71,000

Head of household

$60,000 - $70,000

$61,000 - $71,000

Married filing separately

$0 - $10,000

$0 - $10,000


Social Security Taxable Limits*

Filing Status**

Tax levied on up to 50% of Social Security Benefits

Tax levied on up to 85% of Social Security Benefits

Single Filers

$25,000 – $34,000

$34,001 or more

Joint Filers

$32,000 - $44,000

$44,001 or more


* If your combined income falls within the above ranges, you may have to pay federal income tax on up to 50% or 85% of your Social Security benefits. These ranges are never adjusted for inflation. Social Security’s combined income formula: adjusted gross income + non-taxable interest + 50% of Social Security benefits = combined income.

**Married couples who file separately generally have their Social Security benefits taxed.

Terri Fassi and Mike Fassi may be reached at 970-416-0088 or tfassi@cfiemail.com or mfassi@cfiemail.com.

Website:Fassi Financial