The Social Security Administration and the IRS have released their 2015 list of CPI-adjusted items that will affect individual income, payroll and transfer tax calculations for 2015. We have provided you with some of the key provisions in the following grids.
Threshold amounts above which the top regular and alternative minimum tax (AMT) rates apply.
|
2015
|
2014
|
|
Taxable income above:
$464,850 $439,000 $413,200 $232,425 $12,300 |
Taxable income above:
$457,600 $432,200 $406,750 $228,800 $12,150 |
|
AMTI above:
$185,400 $185,400 $92,700 $185,400 |
AMTI above:
$182,500 $182,500 $91,250 $182,500 |
Personal exemption, standard deduction and foreign income exclusion amounts:
|
2015
|
2014
|
|
$4,000
|
$3,950
|
Personal exemption phased-out: |
Beginning/ending at AGI of:
$309,900 / $432,400 $284,050 / $406,550 $258,250 / $ 380,750 $154,950 / $216,200 |
Beginning/ending at AGI of:
$305,050 / $427,550 $279,650 / $402,150 $254,200 / $376,700 $152,525 / $213,775 |
|
$12,600 $9,250 $6,300 $6,300 |
$12,400 $9,100 $6,200 $6,200 |
|
$100,800
|
$99,200
|
AMT exemption amounts and the AMT exemption phase-out amounts:
|
2015
|
2014
|
|
$83,400 $53,600 $41,700 $23,800 |
$82,100 $52,800 $41,050 $23,500 |
|
$158,900 $119,200 $79,450 $79,450 |
$156,500 $117,300 $78,250 $78,250 |
Employment taxes imposed on wage earners:
|
2015
|
2014
|
1.45% Medicare tax wage bracket: 2.35% Medicare tax wage bracket: |
$118,500 $7,347.00
|
$117,000 $7,254.00
|
Self-employment (SE) taxes:
|
2015
|
2014
|
|
|
|
Estate and gift tax exclusions and valuation limitation:
|
2015
|
2014
|
Basic estate / gift tax exclusion |
|
|
|
$5,430,000
|
$5,340,000
|
|
$14,000
$147,000 |
$14,000
$145,000 |
|
$1,100,000
|
$1,090,000
|
If you have any questions about this alert or would like further information on the recent tax changes, please contact, Brian L. Gaudet or Marjorie Suisman.
This article is provided as a courtesy and may not be relied upon as legal advice, or to avoid taxes and penalties. Distribution to promote, market, or recommend any arrangement or investment to avoid or evade taxes, including penalties, is expressly forbidden. Any communication with the author as to its contents, does not, of itself, create a lawyer-client relationship. Under the ethical rules applicable to lawyers in some jurisdictions, this may be considered advertising.
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