What were the 2014 tax rates?


Quick Answer

The IRS tax rates for 2014 were 10 percent, 15 percent, 25 percent, 28 percent, 33 percent, 35 percent and 39.6 percent, according to Tax Foundation. The bracket a person falls into is based on his taxable income and his filing status.

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Full Answer

In 2014 a person with a taxable income of $9,075 or less with a filing status of single was taxed at a rate of 10 percent. For taxpayers with a filing status of married filing jointly, the taxable income cut-off for the 10 percent rate was $18,150, according to Tax Foundation.

The United States has a progressive tax system, and taxpayers are taxed at marginal tax rates. That is, a person's income is divided into different amounts, and each amount is taxed at a different rate, with the rate getting higher as the person's income gets higher, according to CNBC. Each year the IRS adjusts the income thresholds, deductions and credits based on inflation, so a taxpayer cannot calculate his current year's tax using tax brackets and tables from the previous year's thresholds. Changes in tax rates are made by Congress. As of 2015, the last major change is U.S. tax rates was in 2001, according to Financial Web.

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