Some important Numbers for Taxes 2014

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The following table provides some important federal tax information for 2014, as compared with 2013. Some of the dollar amounts change due to inflation. Other amounts are changing due to legislation. Social Security/ Medicare 2014 2013 Social Security Tax Wage Base $117,000 $113,700 Medicare Tax Wage Base No limit No limit Employee portion of Social Security 6.2% 6.2% Individual Retirement Accounts 2014 2013 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 2014 2013 Defined Contribution Plan limit on additions on Sections 415(c)(1)(A) $ 52,000 $ 51,000 Defined Benefit Plan limit on benefits (Section 415(b)(1)(A)) $210,000 $205,000 Maximum compensation used to determine contributions $260,000 $255,000 401(k), SARSEP, 403(b) Deferrals (Section 402(g)), & 457 deferrals (Section 457(b)(2)) $ 17,500 $ 17,500 401(k), 403(b), 457 & SARSEP additional "catch-up" contributions for employees age 50 and older $  5,500 $  5,500 SIMPLE deferrals (Section 408(p)(2)(A))  $12,000 $ 12,000 SIMPLE additional "catch-up" contributions for employees age 50 and older  $2,500 $  2,500 Compensation defining highly compensated employee  (Section 414(q)(1)(B))  $115,000 $115,000 Compensation defining key employee (officer)  $170,000 $165,000 Compensation triggering Simplified Employee Pension contribution requirement (Section 408(k)(2)(c))  $    550 $    550 Driving Deductions 2014 2013 Business mileage, per mile 56 cents 56.5 cents Charitable mileage, per mile 14 cents 14 cents Medical and moving, per mile 23.5 cents 24 cents Business Equipment 2014 2013 Maximum Section 179 deduction $  25,000* $500,000 Phase out for Section 179 $200,000* $2 million Transportation Fringe Benefit Exclusion 2014 2013 Monthly commuter highway vehicle and transit pass  $  130** $   245** Monthly qualified parking  $  250 $   245 Standard Deduction 2014 2013 Married filing jointly  $ 12,400 $ 12,200 Single (and married filing separately)  $  6,200 $  6,100 Heads of Household  $  9,100 $ 8,950 Personal Exemption 2014 2013 Amount $ 3,950 $3,900 Personal Exemption Phaseout 2014 2013 Married filing jointly and surviving spouses Begins at $305,050 Ends at $427,550 Begins at $300,000 Ends at $422,500  Heads of Household Begins at $279,650 Ends at $402,150 Begins at $275,000 Ends at $397,500 Unmarried individuals Begins at $254,200 Ends at $376,700 Begins at $250,000 Ends at $372,500 Married filing separately Begins at $152,525 Ends at $213,775 Begins at $150,000 Ends at $211,250 Domestic Employees 2014 2013 Threshold when a domestic employer must withhold and pay FICA for babysitters, house cleaners, etc. $  1,900 $ 1,800 Kiddie Tax 2014 2013 Net unearned income not subject to the "Kiddie Tax" $  2,000 $  2,000 Estate Tax 2014 2013 Federal estate tax exemption $5.34 million $5.25 million Maximum estate tax rate 40% 40% Annual Gift Exclusion 2014 2013 Amount you can give each recipient $ 14,000 $ 14,000