Exemption Credits:
a. $108 – Single, Married filing separately, Head of Household.
b. $216 – Married filing jointly.
c. $333 – Dependent.
d. $108 – Age 65 or older.
e. $108 – Blind.
Exemption Credits are phased out by $6 or $12 for each $1,250 or $2,500 that federal AGI exceeds certain amounts over $176,413.
Itemized Deductions are also phased out if federal AGI exceeds certain amounts over $172,615.
Standard Deductions:
a. $3,992 – Single and filing married filing separate.
b. $7,984 – Married filing joint, head of household, surviving spouse.
c. $1,000 – Minimum standard deduction for dependents.
Renter’s Credit:
a. $60 – Single or married filing separate with California AGI of $37,768 or less.
b. $120 – Married filing joint, head of household, or surviving spouse with California AGI of $75,536.
Individual Tax Rates:
a. 12.30% – Maximum rate for regular income tax.
b. 7.00% – Alternative Minimum Tax (AMT).
Corporate Tax Rates:
a. 8.84% – Income tax rate for regular C corporations.
b. 1.50% – Income tax rate for S corporations.
c. 6.65% – AMT rate for regular C corporations.
AMT Exemptions:
a. $43,250- Married filing separate, estates, and trusts.
b. $64,878 – Single and head of household.
c. $86,502 – Married filing joint, surviving spouse.
FTB (Franchise Tax Board) Recovery Fees:
a. $76 – Personal income tax filing enforcement fee.
b. $194 – Personal income tax collection fee.
c. $96 – Corporation filing enforcement fee.
d. $310 – Corporation collection fee.
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Sy Al-os Accountancy Corporation provides accounting and tax services to individuals, corporations, LLCs and business entities. The Firm has a niche in defending taxpayers audited by the IRS and other governmental agencies. The firm celebrates its 38th anniversary in 2015.
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Victor Santos Sy graduated Cum Laude from UE with a BBA and from Indiana State University with an MBA. Vic worked with SyCip, Gorres, Velayo (SGV – Andersen Consulting) and Ernst & Young before establishing Sy Accountancy Corporation in 704 Mira Monte Place, Pasadena, CA 91101. He has 50 years of experience in accounting, consulting, and tax work.
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The Firm proudly welcomes Arlene Al-os in 2015. She obtained her bachelors of Science in Accountancy from Mindanao State University and MBA from Ateneo de Manila University. She teaches intermediate accounting at UCLA and was a professor of Economics at Asia Pacific College. She has over 15 years of experience including member firms of KPMG and BDO Seidman accounting firms.
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Our readers may call (626) 744-0200 or email tax questions to [email protected]. Please visit our website for about 300 tax tips at www.victorsycpa.com.
