Tax Numbers
for 2013 and 2012 – Part 1
The
numbers for 2012 in the chart below apply to your 2012 returns, and the numbers
for 2013 should be used in your 2013 tax planning.
2013 2012
Standard
deduction
*
Single $ 6,100 $ 5,950
*
Joint returns and surviving spouses $12,200 $11,900
*
Married filing separately $ 6,100 $ 5,950
*
Head of household $ 8,950 $ 8,700
*
Additional for elderly or blind (married) $ 1,200 $ 1,150
*
Additional for elderly or blind (single) $ 1,500 $ 1,450
Personal
exemption $ 3,900 $ 3,800
“Kiddie
tax” threshold $ 2,000 $ 1,900
“Nanny
tax” threshold $ 1,800 $ 1,800
Social
security tax wage base $113,700 $110,100
Medicare
tax wage base No
limit No limit
Social
security earnings limit
*
Below full retirement age $15,120 $14,640
*
Full retirement age No
limit No limit
Maximum
retirement plan contributions
*
IRA for those under age 50 $ 5,500 $ 5,000
*
IRA for those 50 and over $ 6,500 $ 6,000
*
SIMPLE plan for those under age 50 $12,000 $11,500
*
SIMPLE plan for those 50 and over $14,500 $14,000
*
401(k) plan for those under age 50 $17,500 $17,000
*
401(k) plan for those 50 and over
$23,000 $22,500
