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What adjustments were made to the 2014 income tax brackets?

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Quick Answer

Between the tax years 2013 and 2014, the lower and higher ends of all the income brackets went up for individuals of all filing statuses, and the standard deduction amounts also rose, notes Forbes. The result is that individuals may pay lower taxes if their income falls in a lower bracket than previously, and the increased standard deduction amount can also influence taxes owed.

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What adjustments were made to the 2014 income tax brackets?
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Full Answer

The new income amounts in the tax brackets depend on whether the taxpayer is single, married filing singly, head of household or married filing jointly. The 2014 tax rates by bracket were 10 percent, 15 percent, 25 percent, 28 percent, 33 percent, 35 percent and 39.6 percent, notes Bankrate. Individuals interested in seeing the lower and upper income amounts by brackets can view the 2014 tax rates on the Internal Revenue Service's website.

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