410-546-0552
TY 2015 Retirement Plan Contribution Limits
| Plan | Contribution Limits | Catch-up Contribution (if 50 or older) |
| Traditional IRA | $5,500 | $1,000 |
| Roth IRA | $5,500 | $1,000 |
| SIMPLE | $12,500 | $3,000 |
| 401(k), 403 (b), and 457 plans | $18,000 | $6,000 |
TY 2015 Social Security & Medicare Tax
| Maximum Compensation subject to FICA | |
| Social Security | $118,500 |
| Medicare Tax | No Limit |
| Medicare Additional Tax | over $200,000 |
TY 2015 Income Tax Brackets
| Single | Married Filing Jointly | Married Filing Separately | Head of Household | Marginal Tax Rate |
| $0 to $9,225 | $0 to $18,450 | $0 to $9,225 | $0 to $13,150 | 10.0% |
| $9,226 to $37,450 | $18,451 to $74,900 | $9,226 to $37,450 | $13,151 to $50,200 | 15.0% |
| $37,451 to $90,750 | $74,901 to $151,200 | $37,451 to $75,600 | $50,201 to $129,600 | 25.0% |
| $90,751 to $189,300 | $151,201 to $230,450 | $75,601 to $115,225 | $129,601 to $209,850 | 28.0% |
| $189,301 to $411,500 | $230,451 to $411,500 | $115,226 to $205,750 | $209,851 to $411,500 | 33.0% |
| $411,501 to $413,200 | $411,501 to $464,850 | $205,751 to $232,425 | $411,501 to $439,000 | 35.0% |
| $413,201 or more | $464,851 or more | $232,426 or more | $439,001 or more | 39.6% |
TY 2015 Deductions & Exemptions
| | Single | Married Filing Jointly | Married Filing Separately | Head of Household |
| Standard Deduction | $6,300 | $12,600 | $6,300 | $9,250 |
| Additional Deduction for 65 and Older or Blind | $1,550 | $1,250 | $1,250 | $1,550 |
| Personal Exemption | $4,000 | $4,000 | $4,000 | $4,000 |
TY 2015 Mileage Rates
| Purpose | cents per mile |
| Business | 57.5 ¢ |
| Medical | 23 ¢ |
| Charitable | 14 ¢ |
| Moving | 23 ¢ |
