Important Tax Figures for 2015
The following table provides some important federal tax information for 2015, as compared with 2014. Some of the dollar amounts changed due to inflation. Other amounts changed due to legislation.
|
Social Security/ Medicare |
2015 |
2014 |
| Social Security Tax Wage Base | $118,500 | $117,000 |
| Medicare Tax Wage Base | No limit | No limit |
| Employee portion of Social Security | 6.2% | 6.2% |
|
Individual Retirement Accounts |
2015 |
2014 |
| Roth IRA Individual, up to 100% of earned income | $5,500 | $ 5,500 |
| Traditional IRA Individual, up to 100% of earned Income | $5,500 | $ 5,500 |
| Roth and traditional IRA additional annual “catch-up” contributions for account owners age 50 and older | $1,000 | $ 1,000 |
|
Qualified Plan Limits |
2015 |
2014 |
| Defined Contribution Plan limit on additions on Sections 415(c)(1)(A) | $ 53,000 | $ 52,000 |
| Defined Benefit Plan limit on benefits (Section 415(b)(1)(A)) | $210,000 | $210,000 |
| Maximum compensation used to determine contributions | $265,000 | $260,000 |
| 401(k), SARSEP, 403(b) Deferrals (Section 402(g)), & 457 deferrals (Section 457(b)(2)) | $18,000 | $ 17,500 |
| 401(k), 403(b), 457 & SARSEP additional “catch-up” contributions for employees age 50 and older | $ 6,000 | $ 5,500 |
| SIMPLE deferrals (Section 408(p)(2)(A)) | $12,500 | $ 12,000 |
| SIMPLE additional “catch-up” contributions for employees age 50 and older | $ 3,000 | $ 2,500 |
| Compensation defining highly compensated employee (Section 414(q)(1)(B)) | $120,000 | $115,000 |
| Compensation defining key employee (officer) | $170,000 | $170,000 |
| Compensation triggering Simplified Employee Pension contribution requirement (Section 408(k)(2)(c)) | $ 600 | $ 550 |
|
Driving Deductions |
2015 |
2014 |
| Business mileage, per mile | 57.5 cents | 56 cents |
| Charitable mileage, per mile | 14 cents | 14 cents |
| Medical and moving, per mile | 23 cents | 23.5 cents |
|
Business Equipment |
2015 |
2014 |
| Maximum Section 179 deduction | $ 25,000* | $500,000 |
| Phase out for Section 179 | $200,000* | $2 million |
|
Transportation Fringe Benefit Exclusion |
2015 |
2014 |
| Monthly commuter highway vehicle and transit pass | $ 130 | $ 250** |
| Monthly qualified parking | $ 250 | $ 250 |
|
Standard Deduction |
2015 |
2014 |
| Married filing jointly | $ 12,600 | $ 12,400 |
| Single (and married filing separately) | $ 6,300 | $ 6,200 |
| Heads of Household | $ 9,250 | $ 9,100 |
|
Personal Exemption |
2015 |
2014 |
| Amount | $ 4,000 | $ 3,950 |
| Personal Exemption Phaseout |
2015 |
2014 |
| Married filing jointly and surviving spouses | Begins at $309,900 | Begins at $305,050 |
| Heads of Household | Begins at $284,050 | Begins at $279,650 |
| Unmarried individuals | Begins at $258,250 | Begins at $254,200 |
| Married filing separately | Begins at $154,950 | Begins at $152,525 |
|
Domestic Employees |
2015 |
2014 |
| Threshold when a domestic employer must withhold and pay FICA for babysitters, house cleaners, etc. | $ 1,900 | $ 1,900 |
|
Kiddie Tax |
2015 |
2014 |
| Net unearned income not subject to the “Kiddie Tax” | $ 2,100 | $ 2,000 |
|
Estate Tax |
2015 |
2014 |
| Federal estate tax exemption | $5.43 million | $5.34 million |
| Maximum estate tax rate | 40% | 40% |
|
Annual Gift Exclusion |
2015 |
2014 |
| Amount you can give each recipient | $14,000 | $ 14,000 |
* The Section 179 amounts are scheduled to be much lower in 2015 than they were in 2014 unless Congress acts to extend them. The amounts have been increased in recent years by various tax laws, including the Tax Increase Prevention Act of 2014.
** The Tax Increase Prevention Act of 2014 provided a retroactive increase from the $130 limit that had been in place for 2014. If Congress does not act to extend it, the amount goes down to $130 for 2015.
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