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38 April 2014 | beautystorebusiness.com Federal Income Tax Tables Single Filing Status [Tax Rate Schedule X, Internal Revenue Code section 1(c)] 10% on taxable income from $0 to $9,075, plus 15% on taxable income over $9,075 to $36,900, plus 25% on taxable income over $36,900 to $89,350, plus 28% on taxable income over $89,350 to $186,350, plus 33% on taxable income over $186,350 to $405,100, plus 35% on taxable income over $405,100 to $406,750, plus 39.6% on taxable income over $406,750. Married Filing Jointly [Tax Rate Schedule Y-1, Internal Revenue Code section 1(a)] 10% on taxable income from $0 to $18,150, plus 15% on taxable income over $18,150 to $73,800, plus 25% on taxable income over $73,800 to $148,850, plus 28% on taxable income over $148,850 to $226,850, plus 33% on taxable income over $226,850 to $405,100, plus 35% on taxable income over $405,100 to $457,600, plus 39.6% on taxable income over $457,600 U.S. Corporate Tax Rates If taxable income (line 30, Form 1120) on page 1 is: Over But not over Tax is Of amount over $0 $50,000 15% $0 50,000 75,000 $7,500 + 25% 50,000 75,000 100,000 13,750 + 34% 75,000 100,000 335,000 22,250 + 39% 100,000 335,000 10,000,000 113,900 + 34% 335,000 10,000,000 15,000,000 3,400,000 + 35% 10,000,000 15,000,000 18,333,333 5,150,000 + 38% 15,000,000 18,333,333 — 35% 0 impact on your beauty-retail operation. Here are the highlights: • A tax credit for health-insurance premi- ums might be available to you in 2014 if you have fewer than 50 full-time employ- ees. The rules for the calculation of the credits are fairly complex. (You guessed it, consult your CPA.) Here is an example: If your business pays $25,000 per year for employee health-insurance premiums and you qualify for a 35% credit, your tax savings would be $8,750. • Your employees will owe a tax if they choose to remain uninsured in 2014 and their coverage must meet federal qualifications for them to avoid the penalty. It is estimated that this will impact at least 6 million employees in 2014. The rules have some varia- tions based on income, but the basic penalty in 2014 is $95 per person with a family cap of $285. • Healthcare Savings Account contribu- tions can be higher in 2014. The cap for deductibility increased to $6,550 for a family. Those born before 1960 can contribute an extra $1,000. Employers may also allow employees to carry up to $500 into the following plan year for an HSA as long as the plan is amended. • Long-term care premium-deduction levels also increase in 2014 with the maximum level being dependent on age. This ranges from $370 for people age 40 or younger to $4,660 for filers who are 71 and older. www.MalibuC.com | 1.800.622.7332 PRESCRIPTIVE WELLNESS TREATMENTS HAIR SCALP SKIN 100% vegan gluten sulfates parabens propylene glycol DEA FREE OF: Normal & Dry Skin Hydrate Exfoliators Masques Tattoos wellness solutions wellness solutions wellness solutions Sensitive Skin Acne wellness solutions ink well wellness solutions ness solutions malibu C ® Color Hard Water Blondes Swimmers Hair Repair Scalp T a x L a w C h a n g e s 2 0 1 4 . i n d d 3 8 Tax Law Changes 2014.indd 38 3 / 5 / 1 4 2 : 0 0 P M 3/5/14 2:00 PM