EXEMPTION Credits:
a. $109 – Single, Married filing separately, Head of Household.
b. $218 – Married filing jointly.
c. $337 – Dependent.
d. $109 – Age 65 or older.
e. $109 – Blind.
Exemption credits are phased out by $6 or $12 for each $1,250 or $2,500 that Federal AGI exceeds certain amounts over $178,706.
Itemized deductions are also phased out if federal AGI exceeds certain amounts over $178,706.
Standard Deductions:
a. $4,044 – Single and filing married filing separate.
b. $8,088 – Married filing joint, head of household, surviving spouse.
c. $1,050 – Minimum standard deduction for dependents.
Nonrefundable Renter’s Credit:
a. $60 – Single or married filing separate with California AGI of $38,259 or less.
b. $120 – Married filing joint, head of household, or surviving spouse with California AGI of $76,518.
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. $43,812- Married filing separate, estates, and trusts.
b. $65,721 – Single and head of household.
c. $87,627 – Married filing joint, surviving spouse.
FTB (Franchise Tax Board) Recovery Fees is assessed to recover program costs for individual and business failing to file tax returns imposed under the authority of R&TC §19254.
a. $79 – Personal income tax filing enforcement fee.
b. $226 – Personal income tax collection fee.
c. $92 – Corporation filing enforcement fee.
d. $334 – 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.
