Question: What is the IRA Contribution limit for tax year 2014? Answer: The maximum amount of IRA contribution is $5,500 per taxpayer for tax year 2014. The maximum contribution amount increases to $6,500 for taxpayers over 50 years old. IRA contribution and 401K contribution are different. 401K contribution maximum amount […]
How much is Social Security Tax?
Question: How much is Social Security Tax? Answer: Social Security tax has always been 15.3% since 1990. The 15.3% percent is shared between the employer and the employee. Meaning, if you worked at Walmart and earned $100, you have to pay 7.65% or $76.50 and Walmart, the employer, has to […]
How much is the Child Tax Credit for 2014?
Question: How much is the Child Tax Credit for 2014 Answer: The child tax credit has been $1,000 for the last few years. For tax year 2014, the child tax credit is again $1,000. Each qualified dependent under the age of 17 is eligible for the child tax credit.
What is the Personal Exemption for 2014?
Question: What is the personal exemption for tax year 2014? The personal exemption for tax year 2014 (Due April 15, 2015) is $3,950. Each taxpayer and qualified dependent is qualify for the personal exemption of $3,950. The qualified exemption phase out begin when the Adjusted Gross Income (AGI) exceeds $254,200 […]