Tax & Accounting Blog

2015 Brings New Rates, ACA Requirements

CS Professional Suite Payroll Solutions December 5, 2014

2015 not only brings new rates, it also brings new Affordable Care Act (ACA) reporting requirements. Effective January 2015, large employers – defined as having 50 or more Full-Time Equivalents, or FTEs – will need to start accumulating health insurance information for each employee. This will result in providing each employee a 1095-C with their W-2 in January 2016. 

The following is a rundown of changes in the most commonly used rates and limits. 

States with Minimum Wage Changes for January 1, 2015 

State

Minimum Wage

Alaska

$8.75

Arizona

$8.05

California

$9.00 eff. 7/1/2015

Colorado

$8.23

Connecticut

$9.15

Delaware

$8.25 eff. 6/1/2015

District of Columbia

$10.50 eff. 7/1/2015

Florida

$8.05

Hawaii

$7.75

Maryland

$8.00

Massachusetts

$9.00

Minnesota

$9.00 eff. 8/1/2015

Missouri

$7.65

Montana

$8.05

Nebraska

$8.00

Nevada

$8.25

New Jersey

$8.38

New York

$8.75 eff. 12/31/2014

Ohio

$8.10

Oregon

$9.25

Rhode Island

$9.00

South Dakota

$9.00

Vermont

$9.15

Virginia

$7.25

Washington

$9.47

West Virginia

$8.00 eff. 12/31/2014

 

2015 Rates 

Item

2014

2015

Social Security
– FICA (6.2%)
– Medicare (1.45%)
– Medicare (2.35%)

$117,000
$7,254
$200,000
> $200,000

$118,500
$7,347
$200,000
>$200,000

Domestic Worker Threshold

$1,900

$1,900

Elections Workers

$1,600

$1,600

Transit Passes / Van Pool / Bike

$130 / $130 / $20

$130 / $130 / $20

Parking

$250

$250

415(b)(1)(A) Defined Benefit Max

$210,000

$210,000

Max Contribution

$52,000

$53,000

Education Assistance

$5,250

$5,250

Limitations
– 401(k)
– 403(b)
– 408(p)

$17,500
$17,500
$12,000

$18,000
$18,000
$18,000

414(v) Catch-Up

$5,500

$6,000

414(v) Catch-Up Simple

$2,500

$3,000

IRA

$5.500-$6,500 > 50

$5.500-$6,500 > 50

Limitations
– Highly Compensated 414

$115,000

$120,000

Annual Compensation Limits
– 401 Gvt Plans in Effect 7/1/93

$385,000

$395,000

HSA:
– Annual Deduction Limit Single / Family
– Maximum Out-of-Pocket Single / Family
– Maximum Annual Contribution Single / Family
– Maximum Annual Catch-Up (55)

$1,250 / $2,500
$6,350 / $12,700
$3,300 / $6,550

$1,000

$1,300 / $2,600
$6,450 / $12,900
$3,350 / $6,650

$1,000

Foreign Income Exclusion

$99,200

$100,800

Minimum Annual Comp 408

$550

$600

Adoption Exclusion Limits Tax Credit
– Phase Out AGI
– Total Exclusion AGI

$13,190
$197,880
$237,880

$13,400
$201,010
$241,010

Definition of Control Employee
– Corp Officer
– Earnings Test

$105,000
$105,000
$210,000

$105,000
$105,000
$215,000

Definition of Highly Comp.

$115,000

$120,000

Key Employee Top Heavy Plan

$170,000

$170,000

Long-Term Premiums
– < 40
– 40-50
– 50-60
– 60-70
– > 70

$370
$700
$1,400
$3,720
$4,660

$380
$710
$1,430
$3,800
$4,750

 

Foreign Income Exclusions

Maximum Foreign Earned

Income Exclusion

Maximum Foreign Cost Exclusion

2014

$99,200

$13,888

2015

$100,800

$14,112

 

State Unemployment Insurance Wage Base Changes* 

State

2014

2015

Alaska

$38,000

$38,700

Colorado

$11,700

$11,800

Iowa

$26,800

$27,300

Kansas

$8,000

$12,000

Kentucky

$9,600

$9,900

Massachusetts

$14,000

$15,000

Minnesota

$29,000

$30,000

Montana

$29,000

$29,500

Nevada

$27,400

$27,800

New Jersey

$31,500

$32,000

New York

$10,300

$10,500

North Dakota

 

$35,600

Oklahoma

$18,700

$17,000

Oregon

$35,000

$35,700

Pennsylvania

$8,750

$9,000

Rhode Island

$20,600 / $22,100

$21,200 / $22,700

South Carolina

$12,000

$14,000

South Dakota

$14,000

$15,000

Utah

$30,800

$31,300

Vermont

$16,000

$16,400

Washington

$41,300

$42,100

Wyoming

$24,500

$24,700

*Only states with changes for 2014 are shown. All numbers are current as of Nov 20, 2014 and subject to additions and changes.  

For additional payroll tax resources and tax form information, visit Payroll Central.