Tax Facts                  
                       
Dependents are-Qualifying child-relationship is important and can be a son, daughter, stepdaughter, stepson, or a  
  descendent of such child, a brother, sister, stepbrother, stepsister, or a descendant of such child, aunt, uncle, parent, granparent, son-in-law, daughter-in-law, niece, nephew, father-in-law, mother-in-law, brother-in-law, sister-in-law that is a member of the taxpayers household where you provide at least 50% of support.  (This definition is not all inclusive.)          
     
 
                 
Marital Status-your marital status at December 31st each year.      
            2013    2014      
Personal Exemptions-determine the number of your dependents- each     
  is allowed an exemption of:     $3,900   $3,950      
                       
Standard deduction is :     2013    2014      
  Single       $6,100   $6,200      
  Joint and Qualifying Widow     $12,200   $12,400      
  Head of Household     $8,950   $9,100      
  Married-Filing Separately     $6,100   $6,200      
  Elderly/Married     $1,200 $1,200   Added to standard deduction
  Elderly/Single     $1,500 $1,550   Added to standard deduction
                   
  Taxpayer claimed as dependent     2013    2014      
    of another person            $1,000   $1,000      
                       
            2013   2014      
Social Security Threshold       $113,700   $117,000      
                       
Social Security Rate:     2013   2014      
    Employer/ Employee     6.20%   6.20%      
                     
                       
Non-taxable Gifts:     2013   2014      
  Single       $14,000   $14,000      
  Married-each gifting     $28,000   $28,000      
                       
Filing Requirements-Federal:                
  Under 65:       2013   2014      
    Single        $10,000       To Be Announced  
    Married-Filing Jointly     $20,000          
    Head of Household     $12,850          
    Married-Filing Separately     $3,900          
    Qualifying Widow with dependents     $16,100          
  65 and Over-one person only:                
    Single       $11,500          
    Married-Filing Jointly     $21,200          
    Head of Household     $14,350          
    Married-Filing Separately     $3,900          
    Qualifying Widow with dependents     $17,300          
  65 and Over-both:                
    Married-Filing Jointly     $22,400          

                     
Contribution to Retirement Accounts- 2014          
Plan Type:     Under 50    Over 50      
Simple IRA       $12,000    $14,500      
401(k), 403(b),457, SARSEP     $17,500   $23,000   Subject to limits  
Traditional IRA       $5,500   $6,500   Phase out applies  
Roth IRA       5,500   $6,500   Phase out applies