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Tax Rates / Brackets

USA Tax Rates 

Individual Income Tax Rates:

Below are the tax rates or slabs on income earned in a calendar year for individuals in USA. 

Single Filers
Married Joint Filers
Married Separate Filers 
Head of Household
Rate
Up to $8,925
Up to $17,850
Up to $8,925
Up to $12,750
10%
Up to $36,250
Up to $72,500
Up to $36,250
Up to $48,600 
15%
Up to $87,850
Up to $146,400
Up to $73,200
Up to 125,450
25%
Up to $183,250
Up to $223,050
Up to $111,525
Up to 203,150
28%
Up to $398,350
Up to $398,350
Up to $199,175
Up to 398,350
33%
Up to $400,000
Up to $450,000
Up to $225,000
Up to 425,000
35%
$400,001 or more
$450,001 or more
$225001 or more
$425,001 or more
39.6%
These rates are subjected to change every year, refer IRS website for the current rates.

Investment income rates 

Long term capital gains tax rate: 15% for most taxpayers.
However, for those at the highest tax slab, the maximum rate increases to 20% (from 15%).
So single filers earning more than $400,000 and married joint filers earning more than $450,000 will be taxed at 20% on long term capital gains.

Alternate Minimum Tax (AMT):

AMT is adjusted to inflation and changes every year.
In 2013, the exemption amount is:
- Individuals$: 51,900 
- Married couples filing jointly: $80,800
- Married couples filing seperate: $40,400

Standard Deduction Rates:

The applicable standard deduction rates for 2013 are:
- Individual taxpayers: $6,100
- Married taxpayers filing jointly: $12,200
- Married taxpayers filing separate: $6,100
- Head of household: $8,950

The additional standard deduction amount for the aged or the blind: $1,200 ( $1,500 if single and not a surviving spouse)

For purposes of the standard deduction, the amount for an individual who may be claimed as a dependent by another taxpayer cannot exceed the greater of $1,000 OR ($350 + the individual’s earned income). 

Earned Income Credit (EITC):

The EITC numbers are as follows:

Kids
0
1 
3+
Earned Income
$6,370
$9,560
$13,430
$13,430
Max Credit
$487
$3,250
$5,372 
$6,044
Phaseout(Single/HOH)
$7,970-$14,340
$17,530-$37,870
$17,530-$43,038
$17,530-$46,227
Phaseout(Married filing Jointly)
$13,310-$19,680
$22,870-$43,210
$22,870-$43,210
$22,870-$51,567

The change every year and check IRS website for the current figures. 

 

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