2015 California Tax Rates and Exemptions

Rate of inflation

The rate of inflation in California, for the period from July 1, 2014, through June 30, 2015, was 1.3%. The 2015 personal income tax brackets are indexed by this amount.

Corporate tax rates

Entity type Tax rate
Corporations other than banks and financials 8.84%
Banks and financials 10.84%
Alternative Minimum Tax (AMT) rate 6.65%
S corporation rate 1.5%
S corporation bank and financial rate 3.5%

Individual tax rates

  • The maximum rate for individuals is 12.3%
  • The AMT rate for individuals is 7%
  • The Mental Health Services Tax Rate is 1% for taxable income in excess of $1,000,000.

Exemption credits

Filing Status/Qualification Exemption amount
Married/Registered Domestic Partner (RDP) filing jointly or qualifying widow(er) $218
Single, married/RDP filing separately, or head of household $109
Dependent $337
Blind $109
Age 65 or older $109

Phaseout of exemption credits

Higher-income taxpayers’ exemption credits are reduced as follows:

Filing status Reduce each credit by: For each: Federal AGI exceeds:
Single $6 $2,500 $178,706
Married/RDP filing separately $6 $1,250 $178,706
Head of household $6 $2,500 $268,063
Married/RDP filing jointly $12 $2,500 $357,417
Qualifying widow(er) $12 $2,500 $357,417

When applying the phaseout amount, apply the $6/$12 amount to each exemption credit, but do not reduce the credit below zero. If a personal exemption credit is less than the phaseout amount, do not apply the excess against a dependent exemption credit.

Standard deductions

The standard deduction amounts for:

Filing status Deduction amount
Single or married/RDP filing separately $4,044
Married/RDP filing jointly, head of household, or qualifying widow(er) $8,088
The minimum standard deduction for dependents $1,050

Reduction in itemized deductions

Itemized deductions must be reduced by the lesser of 6% of the excess of the taxpayer’s federal AGI over the threshold amount or 80% of the amount of itemized deductions otherwise allowed for the taxable year.

Filing status AGI threshold
Single or married/RDP filing separately $178,706
Head of household $268,063
Married/RDP filing jointly or qualifying widow(er) $357,417

Nonrefundable Renter’s credit

This nonrefundable, non-carryover credit for renters is available for:

  • Single or married/RDP filing separately with a California AGI of $38,259 or less.
    • The credit is $60.
  • Married/RDP filing jointly, head of household, or qualifying widow(er) with a California AGI of $76,518 or less.
    • The credit is $120.

Miscellaneous credits

  • Qualified senior head of household credit
    • 2% of California taxable income
    • Maximum California AGI of $69,902
    • Maximum credit of $1,317
  • Joint custody head of household credit/dependent parent credit
    • 30% of net tax
    • Maximum credit of $431

AMT exemption

Filing status Amount
Married/RDP filing jointly or qualifying widow(er) $87,627
Single or head of household $65,721
Married/RDP filing separately, estates, or trusts $43,812

AMT exemption phaseout

Filing status Amount
Married/RDP filing jointly or qualifying widow(er) $328,601
Single or head of household $246,451
Married/RDP filing separately, estates, or trusts $164,299

FTB cost recovery fees

Fee type Fee
Bank and corporation filing enforcement fee $92
Bank and corporation collection fee $334
Personal income tax filing enforcement fee $79
Personal income tax collection fee $226

The personal income tax fees apply to individuals and partnerships, as well as limited liability companies that are classified as partnerships. The bank and corporation fees apply to banks and corporations, as well as limited liability companies that are classified as corporations. Interest does not accrue on these cost recovery fees.

2015 California Tax Rate Schedules

Schedule X — Single or married/RDP filing separately

If the taxable income is
Over But not over Tax is Of amount over
$0 $7,850 $0.00 plus 1.00% $0
$7,850 $18,610 $78.50 plus 2.00% $7,850
$18,610 $29,372 $293.70 plus 4.00% $18,610
$29,372 $40,773 $724.18 plus 6.00% $29,372
$40,773 $51,530 $1,408.24 plus 8.00% $40,773
$51,530 $263,222 $2,268.80 plus 9.30% $51,530
$263,222 $315,866 $21,956.16 plus 10.30% $263,222
$315,866 $526,443 $27,378.49 plus 11.30% $315,866
$526,443 AND OVER $51,173.69 plus 12.30% $526,443

Schedule Y — Married/RDP filing jointly, or qualifying widow(er) with dependent child

If the taxable income is
Over But not over Tax is Of amount over
$0 $15,700 $0.00 plus 1.00% $0
$15,700 $37,220 $157.00 plus 2.00% $15,700
$37,220 $58,744 $587.40 plus 4.00% $37,220
$58,744 $81,546 $1,448.36 plus 6.00% $58,744
$81,546 $103,060 $2,816.48 plus 8.00% $81,546
$103,060 $526,444 $4,537.60 plus 9.30% $103,060
$526,444 $631,732 $43,912.31 plus 10.30% $526,444
$631,732 $1,052,886 $54,756.97 plus 11.30% $631,732
$1,052,886 AND OVER $102,347.37 plus 12.30% $1,052,886

Schedule Z — Head of household

If the taxable income is
Over But not over Tax is Of amount over
$0 $15,710 $0.00 plus 1.00% $0
$15,710 $37,221 $157.10 plus 2.00% $15,710
$37,221 $47,982 $587.32 plus 4.00% $37,221
$47,982 $59,383 $1,017.76 plus 6.00% $47,982
$59,383 $70,142 $1,701.82 plus 8.00% $59,383
$70,142 $357,981 $2,562.54 plus 9.30% $70,142
$357,981 $429,578 $29,331.57 plus 10.30% $357,981
$429,578 $715,962 $36,706.06 plus 11.30% $429,578
$715,962 AND OVER $69,067.45 plus 12.30% $715,962

Individual Filing Requirements

If your gross income or adjusted gross income is more than the amount shown in the chart below for your filing status, age, and number of dependents, then you have a filing requirement.

Filing Status Age as of December 31, 2015* California Gross Income California Adjusted Gross Income
Dependents Dependents
0 1 2 or more 0 1 2 or more
Single or head of household Under 65 $16,256 $27,489 $35,914 $13,005 $24,238 $32,663
65 or older $21,706 $30,131 $36,871 $18,455 $26,880 $33,620
Married/RDP filing jointly or separately Under 65 (both spouses/RDPs) $32,514 $43,747 $52,172 $26,012 $37,245 $45,670
65 or older (one spouse) $37,964 $46,389 $53,129 $31,462 $39,887 $46,627
65 or older
(both spouses/RDPs)
$43,414 $51,839 $58,579 $36,912 $45,337 $52,077
Qualifying widow(er) Under 65 N/A $27,489 $35,914 N/A $24,238 $32,663
65 or older N/A $30,131 $36,871 N/A $26,880 $33,620
Dependent of another person (Any filing status) Under 65 More than your standard deduction
65 or older More than your standard deduction

* If you turn 65 on January 1, 2016, you are considered to be age 65 at the end of 2015.

Source

2015 California 540 Tax Forms – Personal Income Tax

540 Form 2015 California Resident Income Tax Return (Fill-in & Save)
540 Instructions 2015 Instructions for 540 Form, California Resident Income Tax Returns
540 Tax Table 2015 Tax Table for 540 Tax Return
540-2EZ Instructions 2015 Instructions for 540-2EZ Form, California Resident Income Tax Return
540-2EZ Tax Table 2015 Tax Table for 540-2EZ Tax Return
540-2EZ Form 2015 California Resident Income Tax Return (Fill-in with math features & save)
540-ES Form 2015 Estimated Tax for Individuals (Fill-in)
540-ES Instructions 2015 Instructions for 540-ES Form, Estimated Tax for Individuals
540-NR Form (Long) 2015 California Nonresident or Part-Year Resident Income Tax Return (Long) (Fill-in & Save)
540-NR Instructions (Long) 2015 Instructions for 540-NR Long Form, California Nonresident or Part-Year Resident Income Tax Return (Long)
540-NR Form (Short) 2015 California Nonresident or Part-Year Resident Income Tax Return (Short) (Fill-in & Save)
540-NR Instructions (Short) 2015 Instructions for 540-NR Short Form, California Nonresident or Part-Year Resident Income Tax Return (Short)
540-NR Tax Table 2015 Tax Table for 540-NR Tax Return
540-X Form 2015 Amended Individual Income Tax Return (Fill-in)
540-X Instructions 2015 Instructions for 540-X Form, Amended Individual Income Tax Return

New York State: Investment Capital Identification Requirements for Article 9-A Taxpayers

The 2015-2016 New York State budget (Part T of Chapter 59 of the Laws of 2015) made significant changes to the definition of investment capital under Article 9-A of the Tax Law that are effective for tax years beginning on or after January 1, 2015. One of the amendments requires that stock acquired on or after October 1, 2015, must be identified as held for investment in a taxpayer’s records before the close of the day on which the stock was acquired in order to qualify as investment capital and stock acquired before October 1, 2015, must be identified prior to October 1, 2015. This memorandum describes this investment capital identification procedure requirement.

More: http://www.tax.ny.gov/pdf/memos/multitax/m15_4c_5i.pdf

Mississippi Town of COMO TOURISM PARKS AND RECREATION TAX

House Bill 1586, as passed by the 2014 Regular Session of the Mississippi Legislature, authorizes a Special Tax to be levied on certain businesses located in the corporate limits of the Town of Como, Mississippi. The Bill levies a tax on the gross proceeds of restaurants from the sale of prepared foods and levies a tax of $1.00 per night for each occupied room from each hotel or motels. The Mayor and the Board of Alderman adopted, by resolution, their intent to levy such tax on April 21, 2015. The effective date of the imposition shall be June 1, 2015. The tax levies are in addition to all other taxes now imposed and may be cited as the Como Tourism and Parks and Recreation Tax. This tax on restaurants is levied at the rate of two percent (2%) on the gross proceeds from the sale of prepared food. The tax on hotels and motels is levied at the rate of $1.00 per night for each occupied room.. For purposes of this levy, the term “hotel” or “motel” means any establishment engaged in the business of furnishing or providing rooms intended or designed for dwelling, lodging or sleeping purposes to transient guests, where the establishment consists of six (6) or more guest rooms. The term “hotel” or “motel” does not include any hospital, convalescent or nursing home or sanitarium, or any hotel-like facility operated by or in connection with a hospital or medical clinic providing rooms exclusively for patients and their families. For purposes of this levy, the term “restaurant” means all places where prepared food and beverages are sold for consumption on the premises. The term “restaurant” does not include any school, hospital, convalescent or nursing home, or any restaurant-like facility operated by or in connection with a school, hospital, medical clinic, convalescent or nursing home providing food for students, patients, visitors or their families.

IMPORTANT: You should begin collecting the two percent (2%) additional tax on the sale of prepared food beginning June 1, 2015. You should begin collecting the $1.00 per night per room tax on room rentals beginning June 1, 2015. You should report the additional two percent (2%) tax, using rate code 92, either online using Taxpayer Access Point (TAP) or on paper form 72-010 Sales and Special Tax Return, if applicable, by July 20, 2015. You should report the additional $1.00 tax on your separate Occupancy Tax account to be established by our department, by July 20, 2015.

More

Ohio Sales Tax Holiday

S.B. 243 enacted a one-time sales tax holiday to occur only in 2015. The holiday starts on Friday, August 7, 2015 at 12:01 a.m. and ends on Sunday, August 9, 2015 at 11:59 p.m.

During the holiday, the following items are exempt from sales and use tax:

  • An item of clothing priced at $75 or less;
  • An item of school supplies priced at $20 or less; and
  • An item of school instructional material priced at $20 or less.

Items used in a trade or business are not exempt under the sales tax holiday

More

California Income Tax 2014

2014 California 540  Tax Forms – Personal Income Tax

On this page you will find:

-  Forms 540  (California Resident Income Tax Return) and instructions how to fill this forms.

- California Nonresident or Part-Year Resident Income Tax Return

- Amended Individual Income Tax Return

-Estimated Tax for Individuals

California State Individual Income Tax Forms 2014

2014 California Tax Calulator

2014 Tax Rates and Exemptions

 

Individual tax rates

  • The maximum rate for individuals is 12.3%
  • The AMT rate for individuals is 7%
  • The Mental Health Services Tax Rate is 1% for taxable income in excess of $1,000,000.

California State and Federal Income Tax Forms

California State Income Tax Forms

2014 California 540 Tax Forms – Personal Income Tax

540 Form – 2014 California Residents
540-2EZ Form– 2014 California Resident
540-NR Form (Long) – CA part-year or nonresident
540-ES Form– 2014 estimated tax

More California State  tax forms and publications

Federal Forms

Form W-4 – 2015 Employee’s Withholding Allowance Certificate
Form W-9 – Request for Taxpayer Identification Number and Certification
Form 1040-ES –  Estimated Tax for Individuals
Form 1040 – U.S. Individual Income Tax Return
Form 941 – 2014 Employer’s QUARTERLY Federal Tax Return

More Federal forms and publications

Check for latest forms

2014 California Tax Rates and Exemptions

The rate of inflation in California, for the period from July 1, 2013, through June 30, 2014, was 2.2%. The 2014 personal income tax brackets are indexed by this amount.

Corporate tax rates

Entity type Tax rate
Corporations other than banks and financials 8.84%
Banks and financials 10.84%
Alternative Minimum Tax (AMT) rate 6.65%
S corporation rate 1.5%
S corporation bank and financial rate 3.5%

Individual tax rates

  • The maximum rate for individuals is 12.3%
  • The AMT rate for individuals is 7%
  • The Mental Health Services Tax Rate is 1% for taxable income in excess of $1,000,000.

Exemption credits

Filing Status/Qualification Exemption amount
Married/Registered Domestic Partner (RDP) filing jointly or qualifying widow(er) $216
Single, married/RDP filing separately, or head of household $108
Dependent $333
Blind $108
Age 65 or older $108

Phaseout of exemption credits

Higher-income taxpayers’ exemption credits are reduced as follows:

Filing status Reduce each credit by: For each: Federal AGI exceeds:
Single $6 $2,500 $176,413
Married/RDP filing separately $6 $1,250 $176,413
Head of household $6 $2,500 $264,623
Married/RDP filing jointly $12 $2,500 $352,830
Qualifying widow(er) $12 $2,500 $352,830

When applying the phaseout amount, apply the $6/$12 amount to each exemption credit, but do not reduce the credit below zero. If a personal exemption credit is less than the phaseout amount, do not apply the excess against a dependent exemption credit.

Standard deductions

The standard deduction amounts for:

Filing status Deduction amount
Single or married/RDP filing separately $3,992
Married/RDP filing jointly, head of household, or qualifying widow(er) $7,984
The minimum standard deduction for dependents $1,000

Reduction in itemized deductions

Itemized deductions must be reduced by the lesser of 6% of the excess of the taxpayer’s federal AGI over the threshold amount or 80% of the amount of itemized deductions otherwise allowed for the taxable year.

Filing status AGI threshold
Single or married/RDP filing separately $176,413
Head of household $264,623
Married/RDP filing jointly or qualifying widow(er) $352,830

Nonrefundable Renter’s credit

This nonrefundable, non-carryover credit for renters is available for:

  • Single or married/RDP filing separately with a California AGI of $37,768 or less.
    • The credit is $60.
  • Married/RDP filing jointly, head of household, or qualifying widow(er) with a California AGI of $75,536 or less.
    • The credit is $120.

Miscellaneous credits

  • Qualified senior head of household credit
    • 2% of California taxable income
    • Maximum California AGI of $69,005
    • Maximum credit of $1,300
  • Joint custody head of household credit/dependent parent credit
    • 30% of net tax
    • Maximum credit of $425

AMT exemption

Filing status Amount
Married/RDP filing jointly or qualifying widow(er) $86,502
Single or head of household $64,878
Married/RDP filing separately, estates, or trusts $43,250

AMT exemption phaseout

Filing status Amount
Married/RDP filing jointly or qualifying widow(er) $324,384
Single or head of household $243,288
Married/RDP filing separately, estates, or trusts $162,191

FTB cost recovery fees

Fee type Fee
Bank and corporation filing enforcement fee $96
Bank and corporation collection fee $310
Personal income tax filing enforcement fee $76
Personal income tax collection fee $194

The personal income tax fees apply to individuals and partnerships, as well as limited liability companies that are classified as partnerships. The bank and corporation fees apply to banks and corporations, as well as limited liability companies that are classified as corporations. Interest does not accrue on these cost recovery fees.

2014 California Tax Rate Schedules

Schedule X — Single or married/RDP filing separately

If the taxable income is
Over But not over Tax is Of amount over
$0 $7,749 $0.00 plus 1.00% $0
$7,749 $18,371 $77.49 plus 2.00% $7,749
$18,371 $28,995 $289.93 plus 4.00% $18,371
$28,995 $40,250 $714.89 plus 6.00% $28,995
$40,250 $50,869 $1,390.19 plus 8.00% $40,250
$50,869 $259,844 $2,239.71 plus 9.30% $50,869
$259,844 $311,812 $21,674.39 plus 10.30% $259,844
$311,812 $519,687 $27,027.09 plus 11.30% $311,812
$519,687 AND OVER $50,516.97 plus 12.30% $519,687

Schedule Y — Married/RDP filing jointly, or qualifying widow(er) with dependent child

If the taxable income is
Over But not over Tax is Of amount over
$0 $15,498 $0.00 plus 1.00% $0
$15,498 $36,742 $154.98 plus 2.00% $15,498
$36,742 $57,990 $579.86 plus 4.00% $36,742
$57,990 $80,500 $1,429.78 plus 6.00% $57,990
$80,500 $101,738 $2,780.38 plus 8.00% $80,500
$101,738 $519,688 $4,479.42 plus 9.30% $101,738
$519,688 $623,624 $43,348.77 plus 10.30% $519,688
$623,624 $1,039,374 $54,054.18 plus 11.30% $623,624
$1,039,374 AND OVER $101,033.93 plus 12.30% $1,039,374

Schedule Z — Head of household

If the taxable income is
Over But not over Tax is Of amount over
$0 $15,508 $0.00 plus 1.00% $0
$15,508 $36,743 $155.08 plus 2.00% $15,508
$36,743 $47,366 $579.78 plus 4.00% $36,743
$47,366 $58,621 $1,004.70 plus 6.00% $47,366
$58,621 $69,242 $1,680.00 plus 8.00% $58,621
$69,242 $353,387 $2,529.68 plus 9.30% $69,242
$353,387 $424,065 $28,955.17 plus 10.30% $353,387
$424,065 $706,774 $36,235.00 plus 11.30% $424,065
$706,774 AND OVER $68,181.12 plus 12.30% $706,774

Individual Filing Requirements

If your gross income or adjusted gross income is more than the amount shown in the chart below for your filing status, age, and number of dependents, then you have a filing requirement.

Filing Status Age as of December 31, 2014* California Gross Income California Adjusted Gross Income
Dependents Dependents
0 1 2 or more 0 1 2 or more
Single or head of household Under 65 $16,047 $27,147 $35,472 $12,838 $23,938 $32,263
65 or older $21,447 $29,772 $36,432 $18,238 $26,563 $33,223
Married/RDP filing jointly or separately Under 65 (both spouses/RDPs) $32,097 $43,197 $51,522 $25,678 $36,778 $45,103
65 or older (one spouse) $37,497 $45,822 $52,482 $31,078 $39,403 $46,063
65 or older
(both spouses/RDPs)
$42,897 $51,222 $57,882 $36,478 $44,803 $51,463
Qualifying widow(er) Under 65 N/A $27,147 $35,472 N/A $23,938 $32,263
65 or older N/A $29,772 $36,432 N/A $26,563 $33,223
Dependent of another person (Any filing status) Under 65 More than your standard deduction
65 or older More than your standard deduction

* If you turn 65 on January 1, 2015, you are considered to be age 65 at the end of 2014.

Source

2014 California 540 Tax Forms – Personal Income Tax

540 Form 2014 California Resident Income Tax Return (Fill-in & Save)
540 Instructions 2014 Instructions for 540 Form, California Resident Income Tax Returns
540 Tax Table 2014 Tax Table for 540 Tax Return
540-2EZ Form 2014 California Resident Income Tax Return (Fill-in with math features & save)
540-2EZ Instructions 2014 Instructions for 540-2EZ Form, California Resident Income Tax Return
540-2EZ Tax Table 2014 Tax Table for 540-2EZ Tax Return
540-2EZ Formulario 2014 Declaración de Impuesto Sobre el Ingreso de Residente de California (Fill-in)
540-2EZ Instrucciones 2014 Instrucciones para el Formulario 540-2EZ, Declaración de Impuesto Sobre el Ingreso de Residente de California
540-ES Form 2014 Estimated Tax for Individuals (Fill-in & Save)
540-ES Instructions 2014 Instructions for 540-ES Form, Estimated Tax for Individuals
540-NR Form (Long) 2014 California Nonresident or Part-Year Resident Income Tax Return (Long) (Fill-in & Save)
540-NR Instructions (Long) 2014 Instructions for 540-NR Long Form, California Nonresident or Part-Year Resident Income Tax Return (Long)
540-NR Form (Short) 2014 California Nonresident or Part-Year Resident Income Tax Return (Short) (Fill-in & Save)
540-NR Instructions (Short) 2014 Instructions for 540-NR Short Form, California Nonresident or Part-Year Resident Income Tax Return (Short)
540-NR Tax Table 2014 Tax Table for 540-NR Tax Return