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
