This page offers information regarding personal taxes. The information here is for quick reference only. Please consult your professional tax preparer if you have questions about your personal tax situation.
2015 INCOME TAX BRACKETS
RETIREMENT PLAN CONTRIBUTION LIMITS
STANDARD DEDUCTION, PERSONAL EXEMPTIONS AND GIFT TAX EXCLUSION
TAXATION OF SOCIAL SECURITY BENEFITS
2015 Income Tax Brackets
Taxable Income = Taxable income items - minus all Deductions and Exemptions.
Tax Rate = Income Tax rates are progressive. For instance, if your filing status is Married Filing Jointly and you had $151,200 in taxable income, the first $18,450 would be taxed at 10%, from $18,451 to $74,900 would be taxed at 15%, and from $74,901 to $151,200 would be taxed at 25%. [Total of $29,387 in taxes on $151,200 in taxable income for a combined or effective rate of 19.4%]
Married Filing Jointly
Head of Household
Married Filing Separately
Back to Top
IRA and Retirement Plan Contribution Limits for 2015
Back to Top
2015 Standard Deduction, Personal Exemption and Gift Tax Exclusion
Back to Top
2015 Social Security Tidbits
Payroll Deductions: Maximum earnings subject to Social Security Payroll Tax = $118,500
Loss of Social Security Benefits due to Earnings: Prior to “full retirement age”, $1 in benefit is lost for every $2 earned over $15,720. In the year of full retirement age, $1 in benefit is lost for every $3 earned over $41,880. Beginning in the month of full retirement age is reached, benefits are not reduced regardless of earnings.
Taxability of Social Security Income: Taxation of Social Security retirement benefits is based on what the IRS calls Modified Adjusted Gross Income (MAGI).
- Joint Filers: If your MAGI is below $32,000, none of your Social Security benefits are taxable; if your MAGI is between $32,00 and $44,000, 50% of your Social Security benefits are taxable; if your MAGI exceeds $44,000, 85% of your Social Security benefits are taxable.
- Single Filers: If your MAGI is below $25,000, none of your Social Security benefits are taxable; if your MAGI is between $25,00 and $34,000, 50% of your Social Security benefits are taxable; if your MAGI exceeds $34,000, 85% of your Social Security benefits are taxable.
If you are Married Filing a Separate return, you are likely to pay income tax on 85% of you Social Security benefits.
Back to Top
This website is for informational purposes only and does not represent a complete description of our services. This website is not a solicitation or offer to buy or sell securities or investment advisory services. Information throughout this site, whether stock quotes, charts, articles or any other statement or statements regarding market of other financial information, is obtained from sources we believe to be accurate; however, we do not guarantee the timeliness or accuracy of such information. Nothing on this website should be interpreted to state or imply that past results are an indication of future performance. There are no warranties expressed or implied as to the accuracy, completeness or results obtained from any information posted on this or any linked website.
Information on this website does not involve the offering of personalized investment or financial planning advice. Rather, it is limited to providing only general information on investment, retirement, and financial planning ideas, services, and products.
Any and all charts, graphs, stock and/or mutual fund quotes are for illustrative purposes only. They do not depict actual investments, actual results, or actual client experiences and results.
Hyperlinks on this website are listed for convenience only. LongView, Inc. does not take responsibility for the information, products, services or advice found via these hyperlinks.
LongView, Inc. is a Registered Investment Adviser in the State of Florida.
LongView, Inc. 740 Florida Central Parkway, Suite 2000, Longwood, FL 32750 Telephone: (407) 260-6999.
For more information, contact Ted Black, CFP® at (407) 260-6999, ext. 120.
What might have lead you to our site: Central Florida Certified Financial Planner; Certified Financial Planner in Central Florida; Orlando Retirement Planner; Central Florida Independent Investment Advisor; Retirement Planner in Central Florida; Orlando Area Investment Advisor