TY 2014 Retirement Plan Contributions Limits
| Plan | Contribution Limits | Catch-up Contribution (if 50 or older) |
|---|---|---|
| Traditional IRA | $7,000 | $1,000 |
| Roth IRA | $7,000 | $1,000 |
| SIMPLE | $16,500 | $3,500 |
| 401(k), 403 (b), and 457 plans | $23,500 | $ 7,500 |
TY 2014 Social Security & Medicare Tax
| Maximum Compensation subject to FICA | |
|---|---|
| Social Security | $176,100 |
| 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-$11,925 $11,926-$48,475 $48,476-$103,350 $103,351-$197,300 $197,301-$250,525 $250,526-$626,350 $626,351 and up | $0 - $23,850 $23,851-$96,950 $96,951-$206,700 $206,701-$394,600 $394,601-$501,050 $501,051-$751,600 $751,601 and up | $0-$11,925 $11,926-$48,475 $48,476-$103,350 $103,351-$197,300 $197,301-$250,525 $250,526-$375,800 $375,801 and up | $0-$17,000 $17,001-$64,850 $64,851-$103,350 $103,351-$197,300 $197,301-$250,500 $250,501-$626,350 $626,351 and up | 10.0% 12.0% 22.0% 24.0% 32.0% 35.0% 37.0% |
TY 2014 Deductions & Exemptions
| Single | Married Filing Jointly | Married Filing Separately | Head of Household | |
|---|---|---|---|---|
| Standard Deduction | $15,750 | $31,500 | $15,750 | $23,625 |
| Additional Deduction for 65 and Older or Blind | $2,000 | $1,600 | $1,600 | $2,000 |
| Personal Exemption | $0 | $0 | $0 | $0 |
TY 2014 Mileage Rates
| Purpose | Cents per mile |
|---|---|
| Business | 70 ¢ |
| Medical | 21 ¢ |
| Charitable | 14 ¢ |
| Moving | 21 ¢ |