FULL SERVICE ACCOUNTING FIRM HELPING YOU AND YOUR COMPANY FIND ITS WAY.
EZEQUIEL FISCHER, CPA
FULL SERVICE ACCOUNTING FIRM HELPING YOU AND YOUR COMPANY FIND ITS WAY.
federal income tax rates
Federal Individual Income Tax Brackets and Rates
In 2014, the income limits for all brackets and all filers will be adjusted for inflation and will be as follows. The top marginal income tax rate of 39.6% will hit taxpayers with an adjusted gross income of $406,751 and higher for single filers and $457,601 and higher for married filers.
2014 Taxable Income Brackets and Rates | |||
Rate | Single Filers | Married Joint Filers | Head of Household Filers |
10% | $0 to $9,075 | $0 to $18,150 | $0 to $12,950 |
15% | $9,076 to $36,900 | $18,151 to$73,800 | $12,951 to $49,400 |
25% | $36,901 to $89,350 | $73,801 to $148,850 | $49,401 to $127,550 |
28% | $89,351 to $186,350 | $148,851 to $226,850 | $127,551 to $206,600 |
33% | $186,351 to $405,100 | $226,851 to $405,100 | $206,601 to $405,100 |
35% | $405,101 to 406,750 | $405,101 to 457,600 | $405,101 to $432,200 |
39.6% | $406,751+ | $457,601+ | $432,201+ |
Source: Internal Revenue Service
Federal Corporate Income Tax Brackets and Rates
If taxable income on page 1 is (line 30, on Form 1120):
| Over | But not over | Tax is | Of amount over |
| $0 | $50,000 | 15% | $0 |
| 50,000 | 75,000 | $7,500 + 25% | 50,000 |
| 75,000 | 100,000 | 13,750 + 34% | 75,000 |
| 100,000 | 335,000 | 22,250 + 39% | 100,000 |
| 335,000 | 10,000,000 | 113,900 + 34% | 335,000 |
| 10,000,000 | 15,000,000 | 3,400,000 + 35% | 10,000,000 |
| 15,000,000 | 18,333,333 | 5,150,000 + 38% | 15,000,000 |
| 18,333,333 | ____ | 35% | 0 |
Florida Corporate Income Tax Rate
A corporation doing business in Florida is subject to income tax on the corporation's Florida taxable income over $50,000 at a rate of 5.5%.