Need a quick reference guide for 2015 tax deductions and limits?
The following guide includes many of the most important federal tax amounts for 2015.
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| Social Security and Medicare | 2015 | 2014 |
| Social Security taxable wage base | $118,500 | $117,000 |
| Social Security tax
Employee Self-employed |
6.2% 12.4% |
6.2% 12.4% |
| Medicare taxable wage base | No limit | No limit |
| Medicare tax
Employee Self-employed |
1.45% 2.9% |
1.45% 2.9% |
| Medicare surtax (generally on net investment income of married couples with modified AGI > $250,000; $200,000 for single persons) | 3.8%
|
3.8% |
| Individual Retirement Accounts | 2015 | 2014 |
| Individual IRA, up to 100% of earned income (combined limit for traditional and/or Roth) | $5,500 | $5,500 |
| Additional annual catch-up contributions for account owners age 50 and older (Roth and traditional IRA) | $1,000 | $1,000 |
| Annual Qualified Plan Limits | 2015 | 2014 |
| Maximum compensation used to determine contributions | $265,000 | $260,000 |
| Deferral limits for plans
§401(k) and §403(b) SIMPLE §457 |
$18,000 $12,500 $18,000 |
$17,500 $12,000 $17,500 |
| Additional catch-up contributions age 50+
§401(k) and §403(b) SIMPLE §457 |
$6,000 $3,000 $6,000 |
$5,500 $2,500 $5,500 |
| Highly Compensated Employee threshold | $120,000 | $115,000 |
| Compensation defining Key Employee in top-heavy plan | $170,000 | $170,000 |
| Compensation triggering Simplified Employee Pension (SEP) contribution requirement | $600 | $550 |
| Maximum annual addition for Defined Contribution Plan | $53,000 | $52,000 |
| Maximum annual benefit for Defined Benefit Plan | $210,000 | $210,000 |
| Federal Tax Rates | 2015 | 2014 |
| Maximum individual income tax rate | 39.6% | 39.6% |
| Income beyond which top rate begins:
Married filing jointly/surviving spouse Single Head of household Married filing separately |
$464,850 $413,200 $439,000 $232,425 |
$457,600 $406,750 $432,200 $228,800 |
| Maximum rate for qualified capital gains and dividends | 20% | 20% |
| Hospital insurance tax (on income > $250,000 for married couples and $200,000 for single persons) |
0.9% | 0.9% |
| Standard Deduction | 2015 | 2014 |
| Married filing jointly and surviving spouse | $12,600 | $12,400 |
| Single and married filing separately | $6,300 | $6,200 |
| Head of household | $9,250 | $9,100 |
| AMT Exemption Amounts | 2015 | 2014 |
| Married filing jointly and surviving spouse
|
$83,400 less 25% of AMT income > $158,900 |
$82,100 less 25% of AMT income > $156,500/ |
| Single
|
$53,600 less 25% of AMT income > $119,200 |
$52,800 less 25% of AMT income > $117,300 |
| Married filing separately
|
$41,700 less 25% of AMT income > $79,450 |
$41.050 less 25% of AMT income > $78,250 |
| Personal Exemption | 2015 | 2014 |
| Amount | $4,000 | $3,950 |
| Personal Exemption + Itemized Deduction Phase-Out | 2015 | 2014 |
| Phase-out begins (adjusted gross income)
Married filing jointly/surviving spouse Single Head of household Married filing separately |
$309,900 $258,250 $284,050 $154,950 |
$305,050 $254,200 $279,650 $152,525 |
| Driving Deductions, Per Mile | 2015 | 2014 |
| Business mileage | 57.5¢ | 56.0¢ |
| Charitable mileage | 14.0¢ | 14.0¢ |
| Medical and moving mileage | 23.0¢ | 23.5¢ |
| Business Equipment | 2015 | 2014 |
| Maximum Section 179 expense deduction | $25,000 | $500,000 |
| Phase-Out for Section 179, based on asset additions | $200,000 | $2,000,000 |
| Qualified Transportation Fringe Benefit Exclusion | 2015 | 2014 |
| Commuter highway vehicle and transit pass, per month | $130 | $250 |
| Qualified parking, per month | $250 | $250 |
| Domestic Employees | 2015 | 2014 |
| Annual threshold when a domestic employer is liable to withhold and pay FICA for babysitters, housekeepers, etc. | $1,900 | $1,900 |
| Kiddie Tax | 2015 | 2014 |
| For an under-age-19 child (or a full-time student under the age of 24), the net unearned income that is notsubject to “kiddie tax” | $2,100 | $2,000 |
| Federal Estate Tax | 2015 | 2014 |
| Maximum tax rate | 40% | 40% |
| Exemption amount, per decedent | $5.43 million | $5.34 million |
| Gift Tax | 2015 | 2014 |
| Annual amount, per recipient (without filing a gift tax return or reducing the lifetime gifting exemption amount) | $14,000 | $14,000 |
| Lifetime gifting exemption | $5.43 million | $5.34 million |
| Exclusions, Deductions and Credits | 2015 | 2014 |
| Exclusion of gain on certain small business stock | 50% | 50% |
| Foreign income exclusion | $100,800 | $99,200 |
| Bonus first-year depreciation | N/A | N/A |
| Major Expired Provisions | ||
| Includes impact of the new TIPA 2014 Act that retroactively extended expired provisions for one year, to 12.31.2014. | ||
| State and local sales tax deduction | Expired | Elect to deduct instead of state and local income taxes |
| Deduction for elementary and secondary educator expenses | Expired | Up to $250 of qualified expenses per year |
| Deduction for higher education expenses | Expired | Up to $4,000 |
| Nontaxable IRA distributions to certain charities | Expired | Up to $100,000 |
| Exclusion of canceled or forgiven debt on qualified principal residence | Expired | Up to $2 million for married couple |
| Research credit | Expired | Depends on method elected and base amount; generally 20% of eligible expenditures |
| Bonus first-year depreciation, on qualified property | Expired | 50% if placed in service by year-end |
| 15-year write-off for qualified leasehold and retail improvements and restaurant property | Expired | 15-year write-off extended through 2014 |
| Work opportunity tax credit | Expired | Generally 40% of qualifying wages up to $6,000 per year |
| New markets tax credit | Expired | 24% total; up to $3.5 billion in equity investments for 2014 |
| Energy-efficient home credit | Expired | Up to $2,000 per new home |
| Nonbusiness energy property credit | Expired | Up to $500 lifetime limit ($200 for windows and skylights) |
| Energy-efficient appliances credit | Expired | Not extended |
| Biodiesel fuels credit | Expired | Generally, $1.00 per gallon |
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