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Tax Rates and Reference Guide

2015 tax rates and resources for individuals and businesses.

See 2015 tax rates and details for the following:

Corporations

2015 Income Tax Rates - Federal

Regular Tax

Taxable Income Rate
$ 0 - 50,000 15%
$ 50,001 - 75,000 25%
$ 75,001 - 100,000 34%
$ 100,001 - 335,000 39%
$ 335,001 - 10,000,000 34%
$ 10,000,001 - 15,000,000 35%
$ 15,000,001 - 18,333,333 38%
$ >18,333,334 35%

Capital Gains Tax Rate

Maximum tax rate for assets held 2014 2015
12 months or less (short term) 39.6% 39.6%1
More than 12 months (long term) 20% 20%2
Some Key Exceptions
Long-term gain on collectibles, such as artwork and antiques 28% 28%
Long-term gain attributable to certain recapture of prior depreciation on real property 25% 25%
Gain on qualified small business stock held more than 5 years 14%3 14%3
Long-term gain that would be taxed at 15% or less based on the taxpayer's ordinary-income rate 0% 0%

1The 3.8% net investment income tax applies to net investment income to the extent that modified adjusted gross income (MAGI) exceeds $200,000 (singles and heads of households), $250,000 (joint filers) or $125,000 (separate filers).

2The 20% rate applies only to those with taxable income exceeding $413,200 (singles), $439,00 (heads of households), $464,850 (joint filers) or $232,425 (separate filers).

3Effective rate based on 50% exclusion from a 28% rate.


Personal Service Corporations

Taxed at flat rate of 35%


Alternative Minimum Tax (AMT)

Tax Rate AMT brackets
Single Head of Household Married filing jointly or surviving spouse Married filing separately
26% $0 - 185,400 $0 - 185,400 $0 - 185,400 $0 - 92,700
28% Over $185,400 Over $185,400 Over $185,400 Over $92,700
AMT exemption
Single Head of Household Married filing jointly or surviving spouse Married filing separately
Amount $53,600 $53,600 $83,400 $41,700
Phaseout1 $119,200 - 333,600 $119,200 - 333,600 $158,900 - 492,500 $79,450 - 246,250

1 The alternative minimum tax (AMT) exemption starts to phase out once your AMT income reaches the base amount. The exemption is completely phased out if AMT income exceeds the top of the application range.

2015 Income Tax Rates - Other

Wisconsin Illinois
Corporate Tax 7.9% 5.25%
Replacement Taxes    
     C Corporations N/A 2.5%
     Partnerships, S Corporations, Trusts N/A 1.5%

Estate and Gift

Estate and Gift Tax Rates

Base Amount Subject to Tax Tax Before Credits* % on Excess Over Base
$0 $0 18%
$10,000 $1,800 20%
$20,000 $3,800 22%
$40,000 $8,200 24%
$60,000 $13,000 26%
$80,000 $18,200 28%
$100,000 $23,800 30%
$150,000 $38,800 32%
$250,000 $70,800 34%
$500,000 $155,800 37%
$750,000 $248,300 39%
$1,000,000 $345,800 40%

The total amount of tax-free transfers a person may make during his or her lifetime is $5,430,000 in addition to annual exclusion gifts.

There is no Wisconsin estate tax for deaths occurring in 2015.

The Illinois exemption equivalent is $4,000,000.

*Tax shown above is before the application of the lifetime unified credit of $2,117,800, which is equivalent to an exemption of $5,430,000 (applies to gifts made and estates of decedents dying during 2012 -the 2013 data was not released at the time of publication).

Annual Gift Tax Exclusion

Gifts per person $14,000
Joint gifts by spouses $28,000
Gifts to non-U.S. citizen spouse $147,000

Fiduciary

2015 Fiduciary Tax Rates - Federal

Base Taxable Income Tax on Base % on Excess Over Base
$0 $0 15%
$2,500 $375 25%
$5,900 $1,225 28%
$9,050 $2,107 33%
$12,300 $3,179.50 39.6%

2015 Fiduciary Tax Rates – Wisconsin

Base Taxable Income Tax on Base % on Excess Over Base
$0 $0 4.00%
$10,910 $436 5.84%
$21,820 $1,074 6.27%
$240,190 $14,765 7.65%

Individuals

2015 Income Tax Rates – Federal

Married Taxpayers Filing Jointly Or Surviving Spouses

Base Taxable Income Tax on Base % of Excess Over Base
$0 $0 10%
$18,450 $1,845 15%
$74,900 $10,312.50 25%
$151,200 $29,387.50 28%
$230,450 $51,577.50 33%
$411,500 $111,324.00 35%
Over $464,850 $129,996.50 39.6%

Single

Base Taxable Income Tax on Base % of Excess Over Base
$0 $0 10%
$9,225 $922.50 15%
$37,450 $5,156.25 25%
$90,750 $18,481.25 28%
$189,300 $46,075.25 33%
$411,500 $119,401.25 35%
Over $413,200 $119,996.25 39.6%

Head of Household

Base Taxable Income Tax on Base % of Excess Over Base
$0 $0 10%
$13,150 $1,315.00 15%
$50,200 $6,872.50 25%
$129,600 $26,722.50 28%
$209,850 $49,192.50 33%
$411,500 $115,737.00 35%
Over $439,000 $125,362.00 39.6%

Married Filing Separately

Base Taxable Income Tax on Base % of Excess Over Base
$0 $0 10%
$9,225 $922.50 15%
$37,450 $5,156.25 25%
$75,600 $14,693.75 28%
$115,225 $25,788.75 33%
$205,750 $55,662.00 35%
Over $232,425 $64,989.25 39.6%

Kiddie Tax

Special rules apply for taxation of unearned income greater than $2,100 for a child who is under 18 or a student under age 24 whose earned income is not more than one-half of the child’s support.


Estimated Tax Payments

To avoid possible underpayment penalties, you are generally required to pay through withholding or estimated tax payments the lesser of:

  1. 100% of prior year tax liability, or
  2. 90% of current year tax liability.

In 2015, taxpayers with 2014 Adjusted Gross Income (AGI) of $150,000 ($75,000 for married filing separately) must pay the lesser of:

  1. 110% of prior year tax liability, or
  2. 90% of current year tax liability.

2015 estimated tax payments for individuals are due in 2015 by:

  • April 15
  • June 15
  • September 15
  • January 15 (2016)

2015 Income Tax Rates – Wisconsin

Married Filing Jointly

Base Taxable Income Tax on Base % of Excess Over Base
$0 $0 4.00%
$14,540 $582 5.84%
$29,090 $1,431 6.27%
$320,250 $19,687 7.65%

Single Or Head of Household

Base Taxable Income Tax on Base % of Excess Over Base
$0 $0 4.00%
$10,910 $436 5.84%
$21,820 $1,074 6.27%
$240,190 $14,765 7.65%

Married Filing Separately

Base Taxable Income Tax on Base % of Excess Over Base
$0 $0 4.00%
$7,270 $291 5.84%
$14,540 $715 6.27%
$160,130 $9,844 7.65%

2015 Income Tax Rates - Illinois

All filing statuses 3.75%


Child Tax Credit

$1,000 credit per qualifying child under age 17 (may be refundable under certain circumstances).

Credit reduced by $50 for every $1,000 (or fraction) of modified Adjusted Gross Income (AGI) over threshold amounts of:

Married filing jointly $110,000
Single $75,000
Head of household $75,000
Married filing separately $55,000

Required Minimum Distribution Table

Required minimum distribution from IRA or qualified plan is the balance in the plan account as of 12/31 of the prior year (i.e., for 2015, 12/31/14) divided by the distribution period for the beneficiary’s age as of the end of 2015.

Age of Employee Distribution Period Age of Employee Distribution Period Age of Employee Distribution Period
70 27.4 85 14.8 100 6.3
71 26.5 86 14.1 101 5.9
72 25.6 87 13.4 102 5.5
73 24.7 88 12.7 103 5.2
74 23.8 89 12.0 104 4.9
75 22.9 90 11.4 105 4.5
76 22.0 91 10.8 106 4.2
77 21.2 92 10.2 107 3.9
78 20.3 93 9.6 108 3.7
79 19.5 94 9.1 109 3.4
80 18.7 95 8.6 110 3.1
81 17.9 96 8.1 111 2.9
82 17.1 97 7.6 112 2.6
83 16.3 98 7.1 113 2.4
84 15.5 99 6.7 114 2.1


    115+ 1.9

2015 Retirement Savings

Individual Contribution Limitation

Born Before 1966 Born After 1965
401(k), 403(b) & SARSEP Deferral Limit $24,000 $18,000 ***
SIMPLE Deferral Limit $15,500 $12,500
457 Deferral Limit* $24,000 $18,000 ****

Compensation for self-employed persons is net self-employment income, less ½ self-employment tax, less certain retirement contributions.

*Not applicable to all 457 plans; see your plan provider.

**Contributions aggregated from all plans (excluding 401(k), SIMPLE or SARSEP deferrals) are not deductible if they exceed 25% of the total compensation of all eligible employees.

***Lesser of contribution or 25% of compensation.

****Lesser of contribution or 100% of compensation.

Miscellaneous

2015 Deductions, Credits and Other

Self Employed Medical Insurance Premiums

  • Self-employed individuals may subtract above the line 100% of the amount paid during the year for medical insurance.

Standard Mileage Deductions

  • Business: 57.5¢ per mile
  • Charitable: 14¢ per mile
  • Medical: 23¢ per mile
  • Moving: 23¢ per mile

2015 Social Security Benefits

Maximum Annual Earned Income Limit

Under full retirement age $15,720
Full retirement age No limit

 

If reaching full retirement age in 2015, limit is $3,490/month until the month you reach full retirement age.

 


Taxable Benefits

Social Security received is taxable if Adjusted Gross Income (AGI), plus tax-exempt interest, and one half of Social Security received exceeds the base amounts. The taxable amount is the lesser of the percentage of excess over the base amount, or the percentage of benefit received.

 

50% 85%
Married filing jointly $ 32,001 - 44,000 $ 44,001 +
Single/Head of household $ 25,001 - 34,000 $ 34,001 +
Married filing separately $ 0 $ 0

 

Wisconsin and Illinois do not tax Social Security benefits

 


Educational Options

American Opportunity Credit

The maximum non-refundable credit is $2,500 per student (100% of the first $2,000 and 25% of the next $2,000 of tuition, fees and course materials) for the first four years of post-secondary education. For purposes of the credit, the definition of qualified tuition and related expenses is expanded to include course materials. Up to 40% of the credit may be refundable under certain circumstances.

For married taxpayers filing a joint return, the Adjusted Gross Income phase-out range is $160,000-180,000. The credit is not available for married taxpayers filing a separate return. For all other taxpayers, the Adjusted Gross Income phase-out range is $80,000-90,000.

Lifetime Learning Credit

The maximum non-refundable credit is $2,000 per tax return (20% of up to $10,000 qualified education tuition and fees).

For married taxpayers filing a joint return, the Adjusted Gross Income phase-out range begins at $110,000. The credit is not available for married taxpayers filing a separate return. For all other taxpayers, the Adjusted Gross Income phase-out range begins at $55,000.

Coverdell Education Savings Accounts (Education Ira)

Nondeductible contributions of up to $2,000 per beneficiary per year.

For married taxpayers filing a joint return the Adjusted Gross Income phaseout range is $190,000-$220,000. For single taxpayers the Adjusted Gross Income phaseout range is $95,000-$110,000.

Student Loan Interest Deduction

Maximum deduction for 2015 is $2,500 for interest on qualified education loans.

For married taxpayers filing a joint return, the Adjusted Gross Income phase-out range is $130,000 - 160,000. The deduction is not available for married taxpayers filing a separate return. For all other taxpayers, the Adjusted Gross Income phase-out range is $65,000-80,000.

Qualified Tuition Programs/529 Plans/EdVest

Wisconsin allows a deduction for any contribution of up to $3,050* per beneficiary for contributions made to the Wisconsin EdVest and Tomorrow's Scholar Programs. Contributions may be made until April 15 of the following year (April 15, 2016 for the 2015 tax year) and may be carried forward to future years if in excess of allowed deduction. Special rules apply for formerly married parents.

Illinois allows a deduction for contributions made to the following 529 plans: "College Illinois!", Bright Start College Savings Plan, and Bright Directions College Savings Program. A maximum of $10,000 ($20,000 for joint return) is deductible.

 

WISCONSIN TUITION DEDUCTION

College/University

Wisconsin allows a deduction of up to $6,940* per student (dependent child, spouse, or taxpayer) for tuition and mandatory student fees paid to a college or university.

For married taxpayers filing a joint return, the phaseout range based on line 1 of the Wisconsin return is $82,590 - $103,240*. The phaseout range for married taxpayers filing a separate return is $41,300 - $51, 620*. The phaseout range for single taxpayers is $51,620 - $61,940*.

* The above deduction and phasout ranges represent the 2014 amounts. The 2015 thresholds were not released as of the publication date of this guide. Please consult your SVA tax advisor.

Elementary/Secondary

The deduction for tuition paid to qualified private schools is a maximum of $4,000 for elementary education and $10,000 for secondary education per student with no phaseout.

 


Per Diem Rates

Continental U.S. (CONUS) Lodging Meals + Incidental Expenses (M&IE) Total
Standard Rate* $83 $46 $129

 

* Higher rates may apply to designated “high cost” areas and travel outside of the continental U.S.

 


Health Savings Accounts (HSAs)

An HSA is a savings account set up for paying qualified medical expenses of the account beneficiary, spouse or dependent.

 

Eligibility

An eligible individual:

 

  • Must be covered under a high deductible health plan (HDHP).
  • May not be covered under any other non-HDHP.
  • Cannot be over 64 and enrolled in Medicare.
  • Cannot be claimed as a dependent.

Contributions

Type of Coverage Under age 55 Age 55 & Older
Self-only $3,350 $4,350
Family $6,650 $7,650

Information current as of 2/3/2015


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