Social Security/ Medicare
|
2013
|
2012
|
Social Security Tax Wage Base
|
$113,700
|
$110,100
|
Medicare Tax Wage Base
|
No limit
|
No limit
|
Employee portion of Social Security
|
6.2%
|
4.2%
|
Individual Retirement Accounts
|
2013
|
2012
|
Roth IRA Individual, up to 100% of earned income
|
$ 5,500
|
$ 5,000
|
Traditional IRA Individual, up to 100% of earned Income
|
$ 5,500
|
$ 5,000
|
Roth and traditional IRA additional annual "catch-up" contributions for account owners age 50 and older
|
$ 1,000
|
$ 1,000
|
Qualified Plan Limits
|
2013
|
2012
|
Defined Contribution Plan limit on additions on Sections 415(c)(1)(A)
|
$ 51,000
|
$ 50,000
|
Defined Benefit Plan limit on benefits (Section 415(b)(1)(A))
|
$205,000
|
$200,000
|
Maximum compensation used to determine contributions
|
$255,000
|
$250,000
|
401(k), SARSEP, 403(b) Deferrals (Section 402(g)), & 457 deferrals (Section 457(b)(2))
|
$ 17,500
|
$ 17,000
|
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
|
$ 11,500
|
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)
|
$165,000
|
$165,000
|
Compensation triggering Simplified Employee Pension contribution requirement (Section 408(k)(2)(c))
|
$ 550
|
$ 550
|
Driving Deductions
|
2013
|
2012
|
Business mileage, per mile
|
56.5 cents
|
55.5 cents
|
Charitable mileage, per mile
|
14 cents
|
14 cents
|
Medical and moving, per mile
|
24 cents
|
23 cents
|
Business Equipment
|
2013
|
2012
|
Maximum Section 179 deduction
|
$500,000
|
$500,000
|
Phaseout for Section 179
|
$2
million |
$2
million |
Transportation Fringe Benefit Exclusion
|
2013
|
2012
|
Monthly commuter highway vehicle and transit pass
|
$ 245
|
$ 240*
|
Monthly qualified parking
|
$ 245
|
$ 240
|
Standard Deduction
|
2013
|
2012
|
Married filing jointly
|
$12,200
|
$ 11,900
|
Single (and married filing separately)
|
$ 6,100
|
$ 5,950
|
Heads of Household
|
$ 8,950
|
$ 8,700
|
Personal Exemption
|
2013
|
2012
|
Amount
|
$ 3,900**
|
$ 3,800
|
Domestic Employees
|
2013
|
2012
|
Threshold when a domestic employer must withhold and pay FICA for babysitters, house cleaners, etc.
|
$ 1,800
|
$ 1,800
|
Kiddie Tax
|
2013
|
2012
|
Net unearned income not subject to the "Kiddie Tax"
|
$ 2,000
|
$ 1,900
|
Estate Tax
|
2013
|
2012
|
Federal estate tax exemption
|
$5.25
million |
$5.12
million |
Maximum estate tax rate
|
40%
|
35%
|
Annual Gift Exclusion
|
2013
|
2012
|
Amount you can give each recipient
|
$ 14,000
|
$ 13,000
|
* The American Taxpayer Relief Act provided a retroactive increase from the $125 limit that had been in place.
** The exemption is subject to a phase-out that begins with adjusted gross incomes of $250,000 ($300,000 for married couples filing jointly). It phases out completely at $372,500 ($422,500 for married couples filing jointly.)
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