Tax Rates - HighTech Bookkeepers

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Tax Rates

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	2014 Tax Rates
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 $250,000 (joint filers)	0.9%
Medicare tax on net investment income ($200,000 single filers, $250,000 joint filers)	3.8%

Miscellaneous	2014 Tax Rates
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 to SIMPLE 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	2014 Tax Rates
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.	2014 Tax Rates
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	2014 Tax Rates
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	2014 Tax Rates
For each breakfast	$1.48
For each lunch or supper	$2.79
For each snack (up to 3 per day for each child)

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