Every year, the IRS releases new tax tables that reflect the basic income-tax rates that people pay. Yet the IRS routinely waits until the last minute to release them, with even 2013's tax tables not yet available on the IRS website as of mid-December. As a result, you can expect to wait at least another year before you'll see the final version of the 2014 tax tables.
But what you do have access to right now are tax tables that give the brackets that apply to various taxpayers. Here are some 2014 tax tables you can use to calculate your projected tax for your estimated 2014 income, based on IRS-provided numbers.
Single filers
If you're unmarried and not a surviving spouse or a head of household, then you can calculate your taxes as follows:
|
If Your Taxable Income Is: |
Then Your Tax Equals: |
Plus: |
of Taxable Income Above: |
|---|---|---|---|
|
$9,075 or less |
10% of your taxable income |
N/A |
N/A |
|
Between $9,075 and $36,900 |
$907.50 |
15% |
$9,075 |
|
Between $36,900 and $89,350 |
$5,081.25 |
25% |
$36,900 |
|
Between $89,350 and $186,350 |
$18,193.75 |
28% |
$89,350 |
|
Between $186,350 and $405,100 |
$45,353.75 |
33% |
$186,350 |
|
Between $405,100 and $406,750 |
$117,541.25 |
35% |
$405,100 |
|
$406,750 or more |
$118,118.75 |
39.6% |
$406,750 |
Source: IRS.
Married joint filers and surviving spouses
If you're married and file jointly, or if you're a qualifying surviving spouse, then you can calculate your taxes as follows:
|
If Your Taxable Income Is: |
Then Your Tax Equals: |
Plus: |
of Taxable Income Above: |
|---|---|---|---|
|
$18,150 or less |
10% of your taxable income |
N/A |
N/A |
|
Between $18,150 and $73,800 |
$1,815 |
15% |
$18,150 |
|
Between $73,800 and $148,850 |
$10,162.50 |
25% |
$73,800 |
|
Between $148,850 and $226,850 |
$28,925 |
28% |
$148,850 |
|
Between $226,850 and $405,100 |
$50,765 |
33% |
$226,850 |
|
Between $405,100 and $457,600 |
$109,587.50 |
35% |
$405,100 |
|
$457,600 or more |
$127,962.50 |
39.6% |
$457,600 |
Source: IRS.
Heads of household
If you qualify as a head of household, you can calculate your taxes as follows:
|
If Your Taxable Income Is: |
Then Your Tax Equals: |
Plus: |
of Taxable Income Above: |
|---|---|---|---|
|
$12,950 or less |
10% of your taxable income |
N/A |
N/A |
|
Between $12,950 and $49,400 |
$1,295 |
15% |
$12,950 |
|
Between $49,400 and $127,550 |
$6,762.50 |
25% |
$49,400 |
|
Between $127,550 and $206,600 |
$26,300 |
28% |
$127,550 |
|
Between $206,600 and $405,100 |
$48,434 |
33% |
$206,600 |
|
Between $405,100 and $432,200 |
$113,939 |
35% |
$405,100 |
|
$432,200 or more |
$123,424 |
39.6% |
$432,200 |
Source: IRS.
Married filing separately
If you're married and file separately, then you can calculate your taxes as follows:
|
If Your Taxable Income Is: |
Then Your Tax Equals: |
Plus: |
of Taxable Income Above: |
|---|---|---|---|
|
$9,075 or less |
10% of your taxable income |
N/A |
N/A |
|
Between $9,075 and $36,900 |
$907.50 |
15% |
$9,075 |
|
Between $36,900 and $74,425 |
$5,081.25 |
25% |
$36,900 |
|
Between $74,425 and $113,425 |
$14,462.50 |
28% |
$74,425 |
|
Between $113,425 and $202,550 |
$25,382.50 |
33% |
$113,425 |
|
Between $202,550 and $228,800 |
$54,793.75 |
35% |
$202,550 |
|
$228,800 or more |
$63,981.25 |
39.6% |
$228,800 |
Source: IRS.
Can't I just use those numbers?
Strangely, the IRS requires taxpayers earning less than $100,000 to use its official tax tables rather than simply calculating an amount using the tax computation worksheet. The tax table breaks income into $25 or $50 increments, charging the same amount of tax wherever your taxable income falls within that range.
In some cases, the actual IRS tax tables can lead to ridiculous results that the tax tables above avoid. If an extra $1 of income pushes you into the next $50 increment, it can cost you as much as $14 in additional tax. But the same tactic works in reverse, as you can often structure your itemized deductions to get your taxable income down into the previous $50 increment to save that $14. Also, keep in mind that your filing status is determined by your marital status as of the last day of the year. So if you're getting married during 2014, one of the married filing status tables will apply to you throughout the year.
Still, by using these tables as a guide, you should be able to get a good early indication of what your tax bill might look like when you file your 2014 tax returns in April 2015.
