Michigan Family Law Journal : TAX TRENDS AND DEVELOPMENTS Feature
by Joseph W. Cunningham, JD, CPA
Excerpt:
2015 Federal Income Tax Rates & Brackets and Related Information
The following presents the 2015 tax rates applicable to taxable income of taxpayers filing tax returns as single, married filing jointly, or head of household.
(Table shown in below PDF file)
Standard Deduction
- Single … $6,300
- Married Filing Jointly … $12,600
- Head of Household … $9,250
Personal Exemption
The personal exemption for 2015 is $4,000. 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 below PDF file)
Selected IRS Publications
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View / Download February 2015 Article – PDF File
Complete Michigan Family Law Journal available at: Michigan Bar website – Family Law Section (subscription required)