Medicare Part B and D Premium Surcharge: Years 2014, 2015 & 2016

2014 MEDICARE PARTS B & D PREMIUM SURCHARGE:

If 2012 Modified AGI is...

Single/ $85,000 or less     Married/$170,000 or less

  • 2014 Part B monthly premium: $104.90
  • 2014 Part D monthly premium: Plan Premium

Single/ $85,001- $107,000     Married/$170,001-$214,000

  • 2014 Part B monthly premium: $146.90
  • 2014 Part D monthly premium: Plan Premium + $12.10

Single/ $107,001- $160,000     Married/$214,001-$320,000

  • 2014 Part B monthly premium: $209.80
  • 2014 Part D monthly premium: Plan Premium + $31.10

Single/ $160,001- $214,000     Married/$320,001-$428,000

  • 2014 Part B monthly premium: $272.70
  • 2014 Part D monthly premium: Plan Premium + $50.20

Single/ Above $214,000     Married/ Above $428,000

  • 2014 Part B monthly premium: $335.70
  • 2014 Part D monthly premium: Plan Premium + $69.30

 

2015 MEDICARE PARTS B & D PREMIUM SURCHARGE:

If 2013 Modified AGI is...

Single/ $85,000 or less     Married/$170,000 or less

  • 2014 Part B monthly premium: $104.90
  • 2014 Part D monthly premium: Plan Premium

Single/ $85,001- $107,000     Married/$170,001-$214,000

  • 2014 Part B monthly premium: $146.90
  • 2014 Part D monthly premium: Plan Premium + $12.30

Single/ $107,001- $160,000     Married/$214,001-$320,000

  • 2014 Part B monthly premium: $209.80
  • 2014 Part D monthly premium: Plan Premium + $31.80

Single/ $160,001- $214,000     Married/$320,001-$428,000

  • 2014 Part B monthly premium: $272.70
  • 2014 Part D monthly premium: Plan Premium + $51.30

Single/ Above $214,000     Married/ Above $428,000

  • 2014 Part B monthly premium: $335.70
  • 2014 Part D monthly premium: Plan Premium + $70.80

 

 

 

FICA/SELF-EMPLOYMENT TAX_YEAR 2014 & 2015

Maximum FICA (OASDI) wage base:

  • Year 2014: $117,000
  • Year 2015: $118,500

FICA tax rate (employer/employee):

  • Year 2014: 7.65%/7.65%
  • Year 2015: 7.65%/7.65%

Self-Employment tax rate:

  • Year 2014: 15.3%
  • Year 2015: 15.3%

Maximum FICA tax (employer/employee):

  • Year 2014: $8,951/$8,951
  • Year 2015: $9,065/$9,065

Maximum self-employment tax (to OASDI limit):

  • Year 2014: $17,901
  • Year 2015: $18,131

Maximum Medicare health insurance wage base:

  • Year 2014: Unlimited
  • Year 2015: Unlimited

Medicare health insurance rate:

  • Year 2014: 1.45% + 0.9% above $200,000
  • Year 2015: 1.45% + 0.9% above $200,000

Earned income ceilings for SS benefits: early retirement age:

  • Year 2014: $15,480
  • Year 2015: $15,720

Earned income ceilings for SS benefits: full retirement age and over:

  • Year 2014: Unlimited
  • Year 2015: Unlimited

Basic Medicare B premium:

  • Year 2014: $104.90/month, $1,258.80 to $4,028.40/year
  • Year 2015: $104.90/month, $1,258.80 to $4,028.40/year

 

 

LONG TERM CARE PREMIUM LIMITS_YEAR 2014 & 2015

AGE OF INDIVIDUAL BEFORE CLOSE OF TAX YEAR...

Maximum deductible premium for Year 2014:

  • 40 or less
    • $370
  • More than 40 but not more than 50
    • $700
  • More than 50 but not more than 60
    • $1,400
  • More than 60 but not more than 70
    • $3,720
  • More than 70
    • $4,660

Maximum deductible premium for Year 2015:

  • 40 or less
    • $380
  • More than 40 but not more than 50
    • $710
  • More than 50 but not more than 60
    • $1,430
  • More than 60 but not more than 70
    • $3,800
  • More than 70
    • $4,750

STANDARD DEDUCTIONS_YEAR 2014 & 2015

STANDARD DEDUCTION:

Married Joint/Qualifying Widow(er):

  • Year 2014: $12,400
  • Year 2015: $12,600

Head of Household:

  • Year 2014: $9,100
  • Year 2015: $9,250

Single:

  • Year 2014: $6,200
  • Year 2015: $6,300

Married/Separate:

  • Year 2014: $6,200
  • Year 2015: $6,300

ADDITIONAL STANDARD DEDUCTIONS FOR ELDERLY AND BLIND:

Unmarried/Elderly or Blind:

  • Year 2014: $1,550
  • Year 2015: $1,550

Unmarried/Elderly and Blind:

  • Year 2014: $3,100
  • Year 2015: $3,100

Married/Elderly or Blind (per taxpayer):

  • Year 2014: $1,200
  • Year 2015: $1,250

Married/Elderly and Blind (per taxpayer):

  • Year 2014: $2,400
  • Year 2015: $2,500

ITEMIZED DEDUCTIONS_YEAR 2014 & 2015

ITEMIZED DEDUCTION PHASEOUTS:

Married Joint/Surviving Spouse:

  • Year 2014: $305,050
  • Year 2015: $309,900

Head of Household:

  • Year 2014: $279,650
  • Year 2015: $284,050

Single:

  • Year 2014: $254,200
  • Year 2015: $258,250

Married/Separate:

  • Year 2014: $152,525
  • Year 2015: $154,950

A taxpayer's itemized deductions are reduced by the lessor of:

  • 3% of the excess AGI over the threshold amount; or
  • 80% of the itemized deductions otherwise allowable

Certains items, such as medical expenses, investment interest expenses, and casualty, theft, or wagering losses, are excluded

 

 

PERSONAL EXEMPTION PHASEOUTS_YEAR 2014 & 2015

PERSONAL EXEMPTIONS:

  • Year 2014: $3,950
  • Year 2015: $4,000

EXEMPTION PHASEOUTS:

  • Single
    • Year 2014: $254,200
    • Year 2015: $258,250
  • Head of Household
    • Year 2014: $279,650
    • Year 2015: $284,050
  • Married Joint/Surviving Spouse
    • Year 2014: $305,050
    • Year 2015: $309,900
  • Married Separate
    • Year 2014: $152,525
    • Year 2015: $154,950

Exemption amounts phase out by 2% for each $2,500 (or fraction thereof) by which the taxpayer's AGI exceeds the threshold amount

 

HEALTH SAVINGS ACCOUNTS_YEAR 2014 & 2015

YEAR 2014

Contribution Limit:

  • Family: $6,550
  • Self Only: $3,300

Additional catch-up Contribution (age 55 or older):

  • Family: $1,000 per qualifying spouse
  • Self Only: $1,000

Minimum health insurance deductible:

  • Family: $2,500
  • Self Only: $1,250

Maximum out of pocket:

  • Family: $12,700
  • Self Only: $6,350

YEAR 2015

Contribution Limit:

  • Family: $6,650
  • Self Only: $3,350

Additional catch-up Contribution (age 55 or older):

  • Family: $1,000 per qualifying spouse
  • Self Only: $1,000

Minimum health insurance deductible:

  • Family: $2,600
  • Self Only: $1,300

Maximum out of pocket:

  • Family: $12,900
  • Self Only: $6,450

California does not conform to HSA's.

 

 

Retirement Contribution Dollar Limitations_Year 2014 & 2015

YEAR 2014:

  • Annual Defined Benefit limit: $210,000
  • Annual Defined Contribution limit: $52,000
  • Annual Compensation limit: $260,000
  • 401(k) Annual Deferral limit: $17,500
  • 401(k) Catch-up limit: $5,500 (must be at least 50 years old)
  • Traditional IRA Contribution limit: $5,500
  • Traditional IRA Catch-up contribution: $1,000 (must be at least 50 years old)
  • Roth IRA Contribution limit: $5,500
  • Roth IRA Catch-up contribution: $1,000 (must be at least 50 years old)
  • Simple IRA's Contribution limit: $12,000
  • Simple IRA's Catch-up contribution limit: $2,500 (must be at least 50 years old)
  • Social Security Wage base: $117,000

YEAR 2015:

  • Annual Defined Benefit limit: $210,000
  • Annual Defined Contribution limit: $53,000
  • Annual Compensation limit: $265,000
  • 401(k) Annual Deferral limit: $18,000
  • 401(k) Catch-up limit: $6,000 (must be at least 50 years old)
  • Traditional IRA Contribution limit: $5,500
  • Traditional IRA Catch-up contribution: $1,000 (must be at least 50 years old)
  • Roth IRA Contribution limit: $5,500
  • Roth IRA Catch-up contribution: $1,000 (must be at least 50 years old)
  • Simple IRA's Contribution limit: $12,500
  • Simple IRA's Catch-up contribution limit: $3,000 (must be at least 50 years old)
  • Social Security Wage base: $118,500