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What are some tax brackets for 2015?

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Quick Answer

Federal tax brackets for 2015 range from 10 percent of taxable income for individual taxpayers making $9,225 or less to 39.6 percent of taxable income over $413,200 for individual taxpayers in addition to $119,996.25 for such income up to $413,200, reports Forbes. Taxpayers who file jointly pay different rates.

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What are some tax brackets for 2015?
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Full Answer

There are seven different federal tax brackets for taxpayers filing individually, those filing jointly or as surviving spouses and married taxpayers filing separately, according to Forbes. The only brackets whose rates are direct percentages of the total taxable income earned are the lowest tax brackets: individuals making up to $9,225, joint filers making up to $18,450 and married taxpayers filing separate returns making up to $9,225. In all other brackets, different amounts of the income are taxed at different rates. For example, an individual making between $9,226 and $37,450 pays 10 percent of federal income tax on the first $9,225 of his taxable income and then 15 percent on any taxable income between $9,226 and $37,450, and the rest of the tax brackets are calculated in similar fashion, with each amount taxed at a different rate.

There are also different tax brackets for filing taxes as heads of households or for estates and trusts, attests Forbes. Standard deductions also affect the amount of taxable income taxpayers are responsible for, and in 2015 they ranged from $6,300 to $12.600.

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