Q:

What were the income tax rates in 2014?

A:

Quick Answer

The federal income tax rates in 2014 were 10 percent, 15 percent, 25 percent, 28 percent, 33 percent, 35 percent and 39.6 percent, according to Tax Foundation. A taxpayer's income tax bracket is determined by his income as well as his filing status.

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Full Answer

In 2014 the 10 percent rate applied to those filing as single taxpayers with a taxable income of $9,075 or less, but it also applied to married taxpayers filing jointly with a taxable income of $18,150 or less, states Tax Foundation. For those who filed as head of household, that cut-off number was $12,950. When the single taxpayer's income exceeded that first tax bracket of 10 percent, his next $9,076 to $36,900 of income was taxed at the 15 percent tax rate. For married taxpayers filing jointly, this bracket taxed income from $18,151 to $73,800 at 15 percent.

Single taxpayers with a taxable income greater than $406,751 and married taxpayers filing a joint return with a taxable income greater than $457,601 were in the top marginal tax rate in 2014. All income they earned over these amounts was taxed at 39.6 percent. The IRS adjusts the tax rates and brackets every year, according to Tax Foundation. The IRS uses the consumer price index to compute inflation and then adjusts the tax brackets, deduction amounts and credits accordingly.

To determine the exact tax they owe, taxpayers should use the tax table at IRS.gov, explains IRS.gov.

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