Changes to the federal income tax tables for 2015 include small adjustments that reflect inflation, according to Forbes. A single filer's first $9,075 of income falls into the 10-percent tax bracket in the 2014 tables but increases to $9,225 in 2015. The maximum income for single filers in the 15-percent bracket increases from $36,900 to $37,450, while the maximum income for the 25-percent bracket raises from $89,350 to $90,750.Continue Reading
Taxpayers also enjoy a slightly larger standard deduction in 2015, Forbes notes. The standard deduction for single filers increases from $6,200 to $6,300, and the deduction for married taxpayers raises from $12,400 to $12,600. The personal exemption amount increases from $3,950 to $4,000. The threshold for the alternative minimum tax increases from $52,800 to $53,600 for single filers and from $82,100 to $83,400 for married couples.
The earned income tax credit also increases for low-income, working families, Forbes explains. The maximum credit for joint filers with one child increases from $3,304 to $3,359, and the maximum credit for three or more children goes from $6,143 to $6,242. There are no changes to the amount of the child tax credit or the income figures used to calculate the value of the credit.Learn more about Income Tax