Single

Taxable Income

Tax Rate

$0 to $9,225

10%

$9,226 to $37,450

$922.50 plus 15% of the amount over $9,225

$37,451 to $90,750

$5,156.25 plus 25% of the amount over $37,450

$90,751 to $189,300

$18,481.25 plus 28% of the amount over $90,750

$189,301 to $411,500

$46,075.25 plus 33% of the amount over $189,300

$411,501 to $413,200

$119,401.25 plus 35% of the amount over $411,500

$413,201 or more

$119,996.25 plus 39.6% of the amount over $413,200

 

Married Filing Jointly or Qualifying Widow(er):

Taxable Income

Tax Rate

$0 to $18,450

10%

$18,451 to $74,900

$1,845.00 plus 15% of the amount over $18,450

$74,901 to $151,200

$10,312.50 plus 25% of the amount over $74,900

$151,201 to $230,450

$29,387.50 plus 28% of the amount over $151,200

$230,451 to $411,500

$51,577.50 plus 33% of the amount over $230,450

$411,501 to $464,850

$111,324.00 plus 35% of the amount over $411,500

$464,851 or more

$129,996.50 plus 39.6% of the amount over $464,850

 

Married Filing Separately:

Taxable Income

Tax Rate

$0 to $9,225

10%

$9,226 to $37,450

$922.50 plus 15% of the amount over $9,225

$37,451 to $75,600

$5,156.25 plus 25% of the amount over $37,450

$75,601 to $115,225

$14,693.75 plus 28% of the amount over $75,600

$115,226 to $205,750

$25,788.75 plus 33% of the amount over $115,225

$205,751 to $232,425

$55,662.00 plus 35% of the amount over $205,750

$232,426 or more

$64,998.25 plus 39.6% of the amount over $232,425

 

Head of Household:

Taxable Income

Tax Rate

$0 to $13,150

10%

$13,151 to $50,200

$1,315.00 plus 15% of the amount over $13,150

$50,201 to $129,600

$6,872.50 plus 25% of the amount over $50,200

$129,601 to $209,850

$26,772.50 plus 28% of the amount over $129,600

$209,851 to $411,500

$49,192.50 plus 33% of the amount over $209,850

$411,501 to $439,000

$115,737.00 plus 35% of the amount over $411,500

$439,001 or more

$125,362.00 plus 39.6% of the amount over $439,000

 

2015 Personal Exemption Amounts

You are allowed to claim one personal exemption for yourself and one for your spouse (if married). However, if somebody else can list you as a dependent on their tax return, you are not permitted to claim a personal exemption for yourself.

For tax year 2015, the personal exemption amount is $4,000 (up from $3,950 in 2014).

 

The personal exemption amount “phases out” for taxpayers with higher incomes. The Personal Exemption Phaseout (PEP) thresholds are as follows:

Filing Status

PEP Threshold Starts

PEP Threshold Ends

Single

$258,250

$380,750

Married Filing Jointly

$309,900

$432,400

Married Filing Separately

$154,950

$216,200

Head of Household

$284,050

$406,550

 

2015 Standard Deduction Amounts

There are two main types of tax deductions: the standard deduction and itemized deductions. You can claim one type of deduction on your tax return, but not both. For example, if you claim the standard deduction, you cannot itemize deductions – and vice versa (if you itemize deductions, you cannot claim the standard deduction). You are allowed to use whichever type of deduction results in the lowest tax.

The standard deduction is subtracted from your Adjusted Gross Income (AGI), thereby reducing your taxable income. For tax year 2015, the standard deduction amounts are as follows:

Filing Status

Standard Deduction

Single

$6,300

Married Filing Jointly

$12,600

Married Filing Separately

$6,300

Head of Household

$9,250

Qualifying Widow(er)

$12,600