Month: January 2016

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2015 Vermont Tax Rates

Below are the tax rates in effect for your 2015 taxes in Vermont.

Single
When taxable income is between: The tax due is:
0 – 2,650 $0
2,650 – 39,750 $0 + 3.55% of the amount over 2,650
39,750 – 93,050 $1,317.05 + 6.8% of the amount over 39,750
93,050 – 191,600 $4,941.45 + 7.8% of the amount over 93,050
191,600 – 413,800 $12,628.35 + 8.8% of the amount over 191,600
413,800 + $32,181.95 + 8.95% of the amount over 413,800

 

Married
When taxable income is between: The tax due is:
0 – 8,000 $0
8,000 – 68,700 $0 + 3.55% of the amount over 8,000
68,700 – 159,800 $2,154.85 + 6.8% of the amount over 68,700
159,800 – 239,050 $8,349.65 + 7.8% of the amount over 159,800
239,050 – 420,100 $14,531.15 + 8.8% of the amount over 239,050
420,100 + $30,463.55 + 8.95% of the amount over 420,100

 

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2015 Deductions and Personal Exemptions

Below are the standard deductions, personal exemption phaseouts, and Pease Limitations.

The personal exemption per person is $4,000.

Filing Status Standard Deduction Amount
Single $6,300
Married Filing Jointly $12,600
Married Filing Separately $6,300
Head of Household $9,250
Surviving Spouse $12,600

 

Personal Exemption Phaseout:
Filing Status Phaseout Begins – Phaseout Complete
Single $258,250 – 308,750
Married Filing Jointly $309,900 – 432,400
Head of Household $284,050 – 406,550

 

Pease Limitations:
Filing Status Income
Single $258,250
Married Filing Jointly $309,900
Head of Household $284,050
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2015 Federal Income Tax Brackets

Below are the federal income tax brackets for 2015.  These are the rates that you will use to prepare your taxes for 2015.  The 2016 tax rates will be added later.

Don’t forget, individual returns are due by the 15th of April.

Individuals / Single
When taxable income is between: The tax due is:
0 – 9,225 10% of taxable income
9,226 – 37,450 $922.50 + 15% of the amount over 9,225
37,451 – 90,750 $5,156.25 + 25% of the amount over 37,450
90,751 – 189,300 $18,481.25 + 28% of the amount over 90,750
189,301 – 411,500 $46,075.25 + 33% of the amount over 189,300
411,501 – 413,200 $119,401.25 + 35% of the amount over 411,500
413,201 + $119,996.25 + 39.6% of the amount over 413,200

 

Married Filing Jointly and Surviving Spouse
When taxable income is between: The tax due is:
0 – 18,450 10% of taxable income
18,451 – 74,900 $1,845 + 15% of the amount over 18,450
74,901 – 151,200 $10,312.50 + 25% of the amount voer 74,900
151,201 – 230,450 $29,387.50 + 28% of the amount over 151,200
230,451 – 411,500 $51,577.50 + 33% of the amount over 230,450
411,501 – 464,850 $111,324 + 35% of the amount over 411,500
464,850 + $129,996.50 + 29.6% of the amount over 464,850

 

Married Filing Separately
When taxable income is between: The tax due is:
0 – 9,225 10% of taxable income
9,226 – 37,450 $922.50 + 15% of the amount over $9,225
37,451 – 75,600 $5,165.25 + 25% of the amount over $37,450
75,601 – 115,225 $14,693.75 + 28% of the amount over $75,600
115,226 – 205,750 $25,788.75 + 33% of the amount over $115,225
205,751 – 232,425 $55,662 + 35% of the amount over 205,750
232,425 + $64,998.25 + 39.6% of the amount over $232,425

 

Head of Household
When taxable income is between: The tax due is:
0 – 13,150 10% of taxable income
13,151 to 50,200 $1,315 + 15% of the amount over 13,150
50,201 – 129,600 $6,872.50 + 25% of the amount over 50,200
129,601 – 209,850 $26,772.50 + 28% of the amount over 129,600
209,851 – 411,500 $49,192.50 + 33% of the amount over 209,850
411,501 – 439,000 $115,737 + 35% of the amount over 411,500
439,001 + $125,362 + 39.6% of the amount over 439,000