February 2014 : 2014 Federal Income Tax Rates & Brackets, Etc., and Selected IRS Publications 2014 Federal Income Tax Rates & Brackets and Related Information

Michigan Family Law Journal : TAX TRENDS AND DEVELOPMENTS Feature

by Joseph W. Cunningham, JD, CPA

Excerpt:

The following presents the 2014 tax rates applicable to taxable income of taxpayers filing tax returns as single, married filing jointly, or head of household.
(Table shown in PDF below)

Standard Deduction

  • Single … $ 6,200
  • Married Filing Jointly … $12,400
  • Head of Household … $ 9,100

Personal Exemption

The personal exemption for 2014 is $3,950. However, 2% of the personal exemption is “phased out” – or reduced – for each $2,500 – or part of $2,500 – a taxpayer’s adjusted gross income (AGI) exceeds the statutory threshold for subject ling status, as follows:
(Table shown in PDF below)
……

Continued in PDF file below… “2014 Federal Income Tax Rates & Brackets, Etc., and Selected IRS Publications 2014 Federal Income Tax Rates & Brackets and Related Information”
View / Download February 2014 Article – PDF File

Complete Michigan Family Law Journal available at: Michigan Bar website – Family Law Section