Income Tax Fundamentals and Calculations - Tax Liability

Tax Liability

Rate Schedule Example

FEDERAL INCOME TAX RATES FOR 2013

Tax Rate Single Married Filing Jointly Married Filing Separate Head of Household
10% Up to $8,925 Up to $17,850 Up to $8,925 Up to $12,750
15% $8,926-$36,250 $17,851-$72,500 $8,926-$36,250 $12,751-$48,600
25% $36,251-$87,850 $72,501-$146,400 $36,251-$73,200 $48,601-$125,450
28% $87,851-$183,250 $146,401-$223,050 $73,200-$111,525 $125,451-$203,150
33% $183,251-$398,350 $223,051-$398,350 $111,526-$199,175 $203,151-$398,350
35% $398,351-$400,000 $398,351-$450,000 $199,176-$225,000 $398,350-$425,000

39%          Over $400,000         Over $450,000          Over $225,000          Over $425,000

2014 Tax Rates & Tax Brackets

Tax Rate Single Married Filing Joint Married Filing Separate Head of Household
10% Up to $9,075 Up to $18,150 Up to $9,075 Up to $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% Over $406,750 Over $457,600 Over $228,800 Over $432,200

Read more: http://www.mydollarplan.com/tax-brackets/#ixzz2pvzEVEQF

Kiddie Tax

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