TY 2014 Retirement Plan Contributions Limits
| Plan | Contribution Limits | Catch-up Contribution (if 50 or older) |
|---|---|---|
| Traditional IRA | $ 5,500 | $1,000 |
| Roth IRA | $ 5,500 | $1,000 |
| SIMPLE | $ 12,000 | $2,500 |
| 401(k), 403 (b), and 457 plans | $17,500 | $ 5,500 |
TY 2014 Social Security & Medicare Tax
| Maximum Compensation subject to FICA | |
|---|---|
| Social Security | $117,000 |
| Medicare Tax | No Limit |
| Medicare Additional Tax | over $200,000 |
TY 2014 Income Tax Brackets
| Single | Married Filing Jointly | Married Filing Separately | Head of Household | Marginal Tax Rate |
|---|---|---|---|---|
| $0-$9,075 $9,076-$36,900 $36,901-$89,350 $89,351-$186,350 $186,351-$405,100 $405,101-$406,750 $405,751 and up | $0 - $18,150 $18,151-$73,800 $73,801-$148,850 $148,851-$226,850 $226,851-$405,100 $405,101-$457,600 $457,601 and up | $0-$9,075 $9,075-$36,900 $36,900-$74,425 $74,426-$113,425 $113,426-$202,550 $202,551-$228,800 $228,801 and up | $0-$12,950 $12,951-$49,400 $49,401-$127,550 $127,551-$206,600 $206,601-$405,100 $405,101-$432,200 $432,200 and up | 10.0% 15.0% 25.0% 28.0% 33.0% 35.0% 39.6% |
TY 2014 Deductions & Exemptions
| Single | Married Filing Jointly | Married Filing Separately | Head of Household | |
|---|---|---|---|---|
| Standard Deduction | $6,200 | $12,400 | $6,200 | $9,100 |
| Additional Deduction for 65 and Older or Blind | $1,550 | $1,200 | $1,200 | $1,550 |
| Personal Exemption | $3,950 | $3,950 | $3,950 | $3,950 |
TY 2014 Mileage Rates
| Purpose | Cents per mile |
|---|---|
| Business | 56 ¢ |
| Medical | 23.5 ¢ |
| Charitable | 14 ¢ |
| Moving | 23.5 ¢ |