2013 Key Amounts | |||
---|---|---|---|
Standard Deduction | Earned Income Credit (Maximum) | ||
MFJ or QW1 |
$ 12,200 | No children |
$ 487 |
Single2 |
6,100 | 1 child |
3,250 |
HOH2 |
8,950 | 2 children |
5,372 |
MFS1 |
6,100 | >2 children |
6,044 |
Dependent2 |
1,0003 | Investment income limit |
3,300 |
Personal Exemption | Kiddie Tax Threshold | ||
$3,900 | $2,000 | ||
Gift Tax Annual Exclusion | Elective Deferral Limits | ||
$14,000 | SIMPLE IRA Plan | ||
Estate and Gift Tax Exclusion Amount | < age 50 |
$ 12,000 | |
$5,250,000 | ≥ age 50 |
14,500 | |
Standard Mileage Rates | |||
Business |
56.5¢ | 401(k), 403(b) and 457 Plans | |
Medical/moving |
24¢ | < age 50 |
$ 17,500 |
Charitable |
14¢ | ≥ age 50 |
23,000 |
Profit-Sharing Plan/SEP | |||
Contribution limit |
$ 51,000 | ||
Compensation limit4 |
$255,000 | ||
Health Savings Accounts (HSAs) | |||
Self-only coverage | Contribution (deduction) limit |
$ 3,250 | |
Plan minimum deductible |
1,250 | ||
Plan out-of-pocket limit |
6,250 | ||
Family coverage | Contribution (deduction) limit |
$ 6,450 | |
Plan minimum deductible |
2,500 | ||
Plan out-of-pocket limit |
12,500 | ||
Additional contribution amount if age 55 or older |
$ 1,000 | ||
1 Add $1,200 for age 65 or older or blind, each.
2 Add $1,500 for age 65 or older or blind, each.
3 If greater, amount of earned income plus $350 (but not to exceed $6,100).
4 For computing employer contributions.
|
2013 Quick Tax Method | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
MFJ, QW Taxable Income | |||||||||||
$ | 0 | - | $ | 17,850 | × | 10.0% | minus | $ | 0.00 | = | Tax |
17,851 | - | 72,500 | × | 15.0 | minus | 892.50 | = | Tax | |||
72,501 | - | 146,400 | × | 25.0 | minus | 8,142.50 | = | Tax | |||
146,401 | - | 223,050 | × | 28.0 | minus | 12,534.50 | = | Tax | |||
223,051 | - | 398,350 | × | 33.0 | minus | 23,687.00 | = | Tax | |||
398,351 | - | 450,000 | × | 35.0 | minus | 31,654.00 | = | Tax | |||
450,001 | and over | × | 39.6 | minus | 52,354.00 | = | Tax | ||||
Single Taxable Income | |||||||||||
$ | 0 | - | $ | 8,925 | × | 10.0% | minus | $ | 0.00 | = | Tax |
8,926 | - | 36,250 | × | 15.0 | minus | 446.25 | = | Tax | |||
36,251 | - | 87,850 | × | 25.0 | minus | 4,071.25 | = | Tax | |||
87,851 | - | 183,250 | × | 28.0 | minus | 6,706.75 | = | Tax | |||
183,251 | - | 398,350 | × | 33.0 | minus | 15,869.25 | = | Tax | |||
398,351 | - | 400,000 | × | 35.0 | minus | 23,836.25 | = | Tax | |||
400,001 | and over | × | 39.6 | minus | 42,236.25 | = | Tax | ||||
HOH Taxable Income | |||||||||||
$ | 0 | - | $ | 12,750 | × | 10.0% | minus | $ | 0.00 | = | Tax |
12,751 | - | 48,600 | × | 15.0 | minus | 637.50 | = | Tax | |||
48,601 | - | 125,450 | × | 25.0 | minus | 5,497.50 | = | Tax | |||
125,451 | - | 203,150 | × | 28.0 | minus | 9,261.00 | = | Tax | |||
203,151 | - | 398,350 | × | 33.0 | minus | 19,418.50 | = | Tax | |||
398,351 | - | 425,000 | × | 35.0 | minus | 27,385.50 | = | Tax | |||
425,001 | and over | × | 39.6 | minus | 46,935.50 | = | Tax | ||||
MFS Taxable Income | |||||||||||
$ | 0 | - | $ | 8,925 | × | 10.0% | minus | $ | 0.00 | = | Tax |
8,926 | - | 36,250 | × | 15.0 | minus | 446.25 | = | Tax | |||
36,251 | - | 73,200 | × | 25.0 | minus | 4,071.25 | = | Tax | |||
73,201 | - | 111,525 | × | 28.0 | minus | 6,267.25 | = | Tax | |||
111,526 | - | 199,175 | × | 33.0 | minus | 11,843.50 | = | Tax | |||
199,176 | - | 225,000 | × | 35.0 | minus | 15,827.00 | = | Tax | |||
225,001 | and over | × | 39.6 | minus | 26,177.00 | = | Tax | ||||
Note: Assumes taxable income is all ordinary income. High-income taxpayers may also be subject to the 3.8% tax on net investment income and/or the 0.9% additional Medicare tax on earned income. Caution: IRS Tax Tables must be used for taxable income under $100,000. To calculate the exact tax using the Quick Tax Method for taxable income under $100,000, round taxable income to the nearest $25 or $75 increment before using the formula. Round $50 or $100 increments up. |
2013 AGI Phase-Out Amounts/Thresholds | |||||||||
---|---|---|---|---|---|---|---|---|---|
Filing Status | Tuition and Fees Deduction1 | Student Loan Interest Deduction | Education Savings Bond Interest Exclusion | Lifetime Learning Credit | American Opportunity Credit | Personal Exemptions | |||
MFJ | $130,000 / $160,000 | $125,000 - $155,000 | $112,050 - $142,050 | $107,000 - $127,000 | $160,000 - $180,000 | $300,000 - $422,500 | |||
QW | 65,000 / 80,000 | 60,000 - 75,000 | 112,050 - 142,050 | 53,000 - 63,000 | 80,000 - 90,000 | 300,000 - 422,500 | |||
Single | 65,000 / 80,000 | 60,000 - 75,000 | 74,700 - 89,700 | 53,000 - 63,000 | 80,000 - 90,000 | 250,000 - 372,500 | |||
HOH | 65,000 / 80,000 | 60,000 - 75,000 | 74,700 - 89,700 | 53,000 - 63,000 | 80,000 - 90,000 | 275,000 - 397,500 | |||
MFS | Do Not Qualify | Do Not Qualify | Do Not Qualify | Do Not Qualify | Do Not Qualify | 150,000 - 211,250 | |||
Itemized Deductions2 | Saver’s Credit3 | Earned Income Credit3 | Traditional IRA Deduction4 | Roth IRA Contribution | Net Investment Income Tax6 | ||||
No Child | 1 Child | 2 Children | >2 Children | ||||||
MFJ | $ 300,000 | $ 59,000 | $ 19,680 | $ 43,210 | $ 48,378 | $ 51,567 | $ 95,000 - $115,000 | $178,000 - $188,000 | $250,000 |
QW | 300,000 | 29,500 | 14,340 | 37,870 | 43,038 | 46,227 | 95,000 - 115,000 | 178,000 - 188,000 | 250,000 |
Single | 250,000 | 29,500 | 14,340 | 37,870 | 43,038 | 46,227 | 59,000 - 69,000 | 112,000 - 127,000 | 200,000 |
HOH | 275,000 | 44,250 | 14,340 | 37,870 | 43,038 | 46,227 | 59,000 - 69,000 | 112,000 - 127,000 | 200,000 |
MFS | 150,000 | 29,500 | Do Not Qualify | 05- 10,000 | 05- 10,000 | 125,000 | |||
1 Amounts shown are thresholds for $4,000 and $2,000 deduction, respectively. 2 Amount at which phase-out begins. 3 Amount at which phase-out is complete. 4 Phase-out only applies if taxpayer is covered by an employer retirement plan. For MFJ, phase-out range for non-covered spouse is $178,000-$188,000. 5 Married individuals filing MFS who live apart at all times during the year are treated as single. 6 Amount at which tax begins. |
2014 Key Amounts | |||
---|---|---|---|
Standard Deduction | Earned Income Credit (Maximum) | ||
MFJ or QW1 |
$ 12,400 | No Children |
$ 496 |
Single2 |
6,200 | 1 Child |
3,305 |
HOH2 |
9,100 | 2 Children |
5,460 |
MFS1 |
6,200 | >2 Children |
6,143 |
Dependent2 |
1,0005 | Investment Income Limit |
$ 3,350 |
Traditional IRA Deduction Phase-Out Begins at AGI of |
Elective Deferral Limits | ||
SIMPLE IRA | |||
$ 96,000 | < age 50 |
$ 12,000 | |
MFJ3 |
181,000 | ≥ age 50 |
14,500 |
Single4 |
60,000 | 401(k), 403(b) and 457 Plans | |
HOH4 |
60,000 | < age 50 |
$ 17,500 |
MFS4 |
0 | ≥ age 50 |
23,000 |
Gift Tax Annual Exclusion | Kiddie Tax Threshold | ||
$14,000 | $2,000 | ||
Profit-Sharing Plan/SEP | |||
Contribution limit |
$ 52,000 | ||
Compensation limit (for computing employer contributions) |
260,000 | ||
1 Add $1,200 for ≥ age 65 or blind, each.
2 Add $1,550 for ≥ age 65 or blind, each.
3 Noncovered spouse.
4 Covered by an employer retirement plan.
5 If greater, earned income plus $350, not to exceed $6,200.
|
2014 Quick Tax Method | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
MFJ or QW Taxable Income | |||||||||||
$ | 0 | - | $ | 18,150 | × | 10.0% | minus | $ | 0.00 | = | Tax |
18,151 | - | 73,800 | × | 15.0 | minus | 907.50 | = | Tax | |||
73,801 | - | 148,850 | × | 25.0 | minus | 8,287.50 | = | Tax | |||
148,851 | - | 226,850 | × | 28.0 | minus | 12,753.00 | = | Tax | |||
226,851 | - | 405,100 | × | 33.0 | minus | 24,095.50 | = | Tax | |||
405,101 | - | 457,600 | × | 35.0 | minus | 32,197.50 | = | Tax | |||
457,601 | and over | × | 39.6 | minus | 53,247.10 | = | Tax | ||||
Single Taxable Income | |||||||||||
$ | 0 | - | $ | 9,075 | × | 10.0% | minus | $ | 0.00 | = | Tax |
9,076 | - | 36,900 | × | 15.0 | minus | 453.75 | = | Tax | |||
36,901 | - | 89,350 | × | 25.0 | minus | 4,143.75 | = | Tax | |||
89,351 | - | 186,350 | × | 28.0 | minus | 6,824.25 | = | Tax | |||
186,351 | - | 405,100 | × | 33.0 | minus | 16,141.75 | = | Tax | |||
405,101 | - | 406,750 | × | 35.0 | minus | 24,243.75 | = | Tax | |||
406,751 | and over | × | 39.6 | minus | 42,954.25 | = | Tax | ||||
HOH Taxable Income | |||||||||||
$ | 0 | - | $ | 12,950 | × | 10.0% | minus | $ | 0.00 | = | Tax |
12,951 | - | 49,400 | × | 15.0 | minus | 647.50 | = | Tax | |||
49,401 | - | 127,550 | × | 25.0 | minus | 5,587.50 | = | Tax | |||
127,551 | - | 206,600 | × | 28.0 | minus | 9,414.00 | = | Tax | |||
206,601 | - | 405,100 | × | 33.0 | minus | 19,744.00 | = | Tax | |||
405,101 | - | 432,200 | × | 35.0 | minus | 27,846.00 | = | Tax | |||
432,201 | and over | × | 39.6 | minus | 47,727.20 | = | Tax | ||||
MFS Taxable Income | |||||||||||
$ | 0 | - | $ | 9,075 | × | 10.0% | minus | $ | 0.00 | = | Tax |
9,076 | - | 36,900 | × | 15.0 | minus | 453.75 | = | Tax | |||
36,901 | - | 74,425 | × | 25.0 | minus | 4,143.75 | = | Tax | |||
74,426 | - | 113,425 | × | 28.0 | minus | 6,376.50 | = | Tax | |||
113,426 | - | 202,550 | × | 33.0 | minus | 12,047.75 | = | Tax | |||
202,551 | - | 228,800 | × | 35.0 | minus | 16,098.75 | = | Tax | |||
228,801 | and over | × | 39.6 | minus | 26,623.55 | = | Tax | ||||
Note: Assumes taxable income is all ordinary income. High-income taxpayers may also be subject to the 3.8% tax on net investment income and/or the 0.9% additional Medicare tax on earned income. |
Tax Rules By Age for 2013 | |
---|---|
Age | Rule |
13 | Cannot claim a child care credit for children age 13 or older. |
17 | Cannot claim $1,000 child tax credit for children age 17 or older. |
18 |
|
19 |
|
21 | Children working for parents’ unincorporated business subject to FUTA. |
24 |
|
25 | Taxpayers with no children qualify for EIC. |
27 | Income exclusion for health insurance coverage and self-employed health insurance deduction for coverage of children age 26 and younger expires. |
30 | Generally must distribute ESA when beneficiary reaches age 30. |
50 |
|
55 |
|
59½ |
|
65 |
|
70½ |
|