Thursday, April 24, 2014

Tax Numbers for 2014 and 2013 – Part 1


 

Tax Numbers for 2014 and 2013 – Part 1

 

The numbers for 2013 in the chart below apply to your 2013 returns, and the numbers for 2014 should be used in your 2014 tax planning.

 

                                                                        2014                        2013

Standard deduction

* Single                                                        $  6,200                   $  6,100

* Joint returns and surviving spouses             $12,400                    $12,200

* Married filing separately                             $  6,200                   $  6,100

* Head of household                                    $  9,100                   $  8,950

* Additional for elderly or blind (married)     $  1,200                   $  1,200

* Additional for elderly or blind (single)        $  1,550                   $  1,500

 

Personal exemption                                      $  3,950                   $  3,900

“Kiddie tax” threshold                                 $  2,000                   $  2,000

“Nanny tax” threshold                                 $  1,900                   $  1,800

 

Social security tax wage base                       $117,000                  $113,700

Medicare tax wage base                               No limit                   No limit

Social security earnings limit

* Below full retirement age                            $15,480                    $15,120

* Full retirement age                                    No limit                   No limit

 

Maximum retirement plan contributions

* IRA for those under age 50                        $  5,500                   $  5,500

* IRA for those 50 and over                         $  6,500                   $  6,500

* SIMPLE plan for those under age 50         $12,000                    $12,000

* SIMPLE plan for those 50 and over           $14,500                    $14,500

* 401(k) plan for those under age 50             $17,500                    $17,500

* 401(k) plan for those 50 and over               $23,000                     $23,000

 

Call us at (219) 769-3616 with your questions, or email them to tlynch@swartz-retson.com.

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