The
numbers for 2014 in the chart below apply to your 2014 returns, and the numbers
for 2015 should be used in your 2015 tax planning.
2015 2014
Standard
deduction
*
Single $ 6,300 $ 6,200
*
Joint returns and surviving spouses $12,600 $12,400
*
Married filing separately $ 6,300 $ 6,200
*
Head of household $ 9,250 $ 9,100
*
Additional for elderly or blind (married) $ 1,250 $ 1,200
*
Additional for elderly or blind (single) $ 1,550 $ 1,550
Personal
exemption $ 4,000 $ 3,950
“Kiddie
tax” threshold $ 2,000 $ 2,000
“Nanny
tax” threshold $ 1,900 $ 1,900
Social
security tax wage base $118,500 $117,000
Medicare
tax wage base No
limit No limit
Social
security earnings limit
*
Below full retirement age $15,720 $15,480
*
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 $12,500 $12,000
*
SIMPLE plan for those 50 and over $15,500 $14,500
*
401(k) plan for those under age 50 $18,000 $17,500
*
401(k) plan for those 50 and over $24,000 $23,000
If you
wish to unsubscribe to this publication, please email reception@swartz-retson.com
No comments:
Post a Comment