Q:

What are the 2015 federal tax rates?

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Quick Answer

The 2015 federal tax rates are published by the IRS and are listed by online sources including Forbes, notes its website. An individual’s tax brackets and rates depend on his filing status.

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Full Answer

For 2015 taxable income, the highest tax rate is 39.6 percent, and the lowest is 10 percent; the tax brackets for the rates are determined based on filing status. The highest tax rate applies to the tax bracket over $413,200 for single taxpayers and over $464,850 for married taxpayers filing jointly, Forbes reports. The lowest tax rate applies to the tax bracket of $9,225 and under for single filers, or $18,450 for married taxpayers filing jointly.

The long-term capital gains rate varies less than the income tax rate, Forbes states. In the first two brackets, the capital gains tax rate is always zero; this includes income up to $74,900 for taxpayers filing jointly. For all subsequent brackets other than the highest, the amount is 15 percent. For the highest tax bracket, the rate is between 20 and 23.8 percent.

Along with federal tax rates, the IRS also announced a number of updates for 2015, according to Forbes. These include changes related to retirement plan contribution limits, gift tax exclusion, long-term care premiums, medical savings accounts, and the taxed amount of unearned income of those under 19, or under 24 if they are enrolled in college.

Learn more about Income Tax

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