Guiding Ann Arbor through tax matters since 1987...

Need-To-Know-Info

Retirement Limitations 20131 20142 20153
Elective Deferrals 401(k) and 403(b)
(not including adjustments and catch-ups)
$17,500 $17,500 $18,000
401(k) Catch-Up Contribution Limit $5,500 $5,500 $6,000
457(b)(2) and 457(c)(1) Limits
(not including catch-ups)
$17,500 $17,500 $18,000
Defined Benefit Plans $205,000 $210,000 $210,000
Defined Contribution Plans $51,000 $52,000 $53,000
Annual Compensation Limit $255,000 $260,000 $265,000
Individual Retirement Accounts (IRAs),
for Individuals 49 and Below
$5,500 $5,500 $5,500
Individual Retirement Accounts (IRAs),
for Individuals 50 and Above
$6,500 $6,500 $6,500
SIMPLE Retirement Accounts $12,000 $12,000 $12,500
SIMPLE Retirement Catch-Up Contribution Limit $2,500 $2,500 $3,000
1 2013 limits reflect issuance of IRS Notice 2012-67, 2012-50 I.R.B. 672 (December 10, 2012).
2 2014 limits reflect issuance of IRS Notice 2013-86 (October 31, 2013).
3 2015 limits reflect issuance of IRS Notice 2014-99 (October 23, 2014).


Payroll Tax Data 20131 20142 20153
Income Subject to Social Security Tax $113,700 $117,000 $118,500
FICA Tax for Employers 7.65% 7.65% 7.65%
FICA Tax for Employees 7.65% 7.65% 7.65%
Social Security Tax for Employers 6.2% 6.2% 6.2%
Social Security Tax for Employees 6.2% 6.2% 6.2%
Medicare Tax for Employees and Employers 1.45% 1.45% 1.45%
FICA Tax for self-employed workers 15.3% 15.3% 15.3%
Social Security Tax for Self-Employed Workers 12.4% 12.4% 12.4%
Medicare Tax for Self-Employed Workers 2.9% 2.9% 2.9%
1 2013 rates reflect issuance of Social Security Administration News Release (October 18, 2012).
2 2014 rates reflect issuance of Social Security Administration News Release (October 30, 2013).
3 2015 rates reflect issuance of Social Security Administration News Release (October 22, 2014).


Mileage Reimbursements 20131 20142 20153
1/1 to 12/31 1/1 to 12/31 1/1 to Current
Business Mileage .565/mile .56/mile .575/mile
Medical/Moving Mileage .24/mile .235/mile .23/mile
Charitable Mileage .14/mile .14/mile .14/mile
1 2013 rates reflect issuance of IRS Announces 2013 Standard Mileage Rates (November 21, 2012).
2 2014 rates reflect issuance of IRS Announces 2014 Standard Mileage Rates (December 6, 2013).
3 2015 rates reflect issuance of New Standard Mileage Rates Now Available; Business Rate to Rise in 2015 (December 10, 2014).


Miscellaneous Tax Data 2013* 2014* 2015*
Gift Tax Exclusion $14,000 $14,000 $14,000
* As published in IRS Publication 559 and IRS Announces Increases in Tax Benefits for 2014, and In 2015, Various Tax Benefits Increase Due to Inflation Adjustments.

Back to Top


Back to Tax News

For more information on any of our services,
please call us at 734.971.3900
or email us at pmiller@millerpc.com.