| 2014 | 2015 | |
|---|---|---|
FICA Taxes |
||
| Social Security wage base | $117,000.00 | $118,500.00 |
| SS maximum – 6.2% | $7,254.00 | $7,347.00 |
| Medicare – 1.45% | no ceiling | no ceiling |
Additional Medicare Tax – 0.9%
|
||
| Single | $200,000.00 | $200,000.00 |
| Married Filing Jointly | $250,000.00 | $250,000.00 |
| Married Filing Separately | $125,000.00 | $125,000.00 |
| Head of Household | $200,000.00 | $200,000.00 |
Tax on net investment income – 3.8%
|
||
| Single | $200,000.00 | $200,000.00 |
| Married Filing Jointly | $250,000.00 | $250,000.00 |
| Married Filing Separately | $125,000.00 | $125,000.00 |
| Head of Household | $200,000.00 | $200,000.00 |
Alternative Minimum Tax |
||
| Single | $52,800.00 | $53,600.00 |
| Married Filing Jointly | $82,100.00 | $83,400.00 |
| Married Filing Separately | $41,050.00 | $41,700.00 |
| Head of Household | $52,800.00 | $53,600.00 |
Alternative Minimum tax Phase-out |
||
| Single | $117,300.00 | $119,200.00 |
| Married Filing Jointly | $156,500.00 | $158,900.00 |
| Married Filing Separately | $78,250.00 | $79,450.00 |
| Head of Household | $117,300.00 | $119,200.00 |
Capital Gains Tax |
||
| Long Term: | 15%/20% | 15%/20% |
| Lower income tax payers: | 0% | 0% |
| Short Term: | Ordinary Rates | Ordinary Rates |
| 2015 Phase-out Begins | 2015 Phase-out Complete | |
|---|---|---|
Eligible to Make Roth IRA Contributions |
||
| Single | $116,000.00 | $131,000.00 |
| Married Filing Jointly | $183,000.00 | $193,000.00 |
| Married Filing Separately | – | $10,000.00 |
| Head of Household | $116,000.00 | $131,000.00 |
Deductions of IRA Contributions – Participation in Qualified Retirement Plan
|
||
| Single | $61,000.00 | $71,000.00 |
| Married Filing Jointly, participating spouse | $98,000.00 | $118,000.00 |
| Married Filing Jointly, non-participating spouse | $183,000.00 | $193,000.00 |
| Married Filing Separately | – | $10,000.00 |
| Head of Household | $61,000.00 | $71,000.00 |
American Opportunity Credit |
||
| Single | $80,000.00 | $90,000.00 |
| Married Filing Jointly | $160,000.00 | $180,000.00 |
| Married Filing Separately | N/A | N/A |
| Head of Household | $80,000.00 | $90,000.00 |
Lifetime Learning Credit |
||
| Single | $55,000.00 | $65,000.00 |
| Married Filing Jointly | $110,000.00 | $130,000.00 |
| Married Filing Separately | N/A | N/A |
| Head of Household | $55,000.00 | $65,000.00 |
Student Loan Interest Deduction |
||
| Single | $65,000.00 | $80,000.00 |
| Married Filing Jointly | $130,000.00 | $160,000.00 |
| Married Filing Separately | N/A | N/A |
| Head of Household | $65,000.00 | $80,000.00 |
| 2015 | 2016 | |
|---|---|---|
Retirement Contribution Limits |
||
| 401K, 403B, or 457 plan | $18,000.00 | $18,000.00 |
| Catchup Contribution limits on 401K, 403B, or 457 plan | $6,000.00 | $6,000.00 |
| Traditional and Roth IRA | $5,500.00 | $5,500.00 |
| Catchup Contribution limits on Traditional and Roth IRA | $1,000.00 | $1,000.00 |
| SIMPLE 401K or SIMPLE IRA | $12,500.00 | $12,500.00 |
| Catchup Contribution limits on SIMPLE 401K or SIMPLE IRA | $3,000.00 | $3,000.00 |
| Maximum annual additions to all defined contribution plans | $53,000.00 | $53,000.00 |
| Highly Compensated Employee Definition | $120,000.00 | $120,000.00 |