Points of Interest Annual Rates

Annual Rates 2014 2015

EmployEE SS & Medicare 6.2%/1.45% 6.2%/1.45%
EmployER SS & Medicare 6.2%/1.45% 6.2%/1.45%
Social Security Limit $117,000 $118,500
Medicare Limit*    None None None
FUTA Taxable Wages $7,000 $7,000
FUTA Rate 6.0% 6.0%
FUTA Max Credit    5.4% 5.4%
Minimum FUTA 0.6% 0.6%
Business Mileage Rate 56 cents per mile 57.5 cents per mile
Medical Mileage Rate 23.5 cents per mile 23 cents per mile
Charitable Mileage Rate 14.0 cents per mile 14 cents per mile
Relocation Mileage Rate 23.5 cents per mile 23 cents per mile
 
 
*Withhold added Medicare Tax of .95 on wages over $200,000.
     
     
Qualified Retirement Plan Limits 2014 2015

Pretax contribution for 401(k) and
SEP plans and 403(b) annuities
$17,500 $18,000
Workers age 50+ (catch-up) $5,500 $6,000
Sec 415(b)(1)(A) defined benefit plan $210,000 $210,000
Annual benefit ceiling1Combined employer/employee pay-inLimits for all defined contribution
Plans
$52,000 $53,000
Annual compensation limit under
Section 401(a)(17) and
Section 404(1)
$260,000 $265,000
Section 408(k)(3)(c) IRA, SEP
Or SIMPLE pension
Compensation plans
$260,000 $265,000
SIMPLE pretax contribution limit $12,000 $12,500
Workers age 50+ (catch-up) $2,500 $3,000