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 |
|
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 |
|
Illinois |
$10.00 |
|
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 |
$117,000 |
$118,500 |
|
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 |
$17,500 |
$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 |
$115,000 |
$120,000 |
|
Annual Compensation Limits |
$385,000 |
$395,000 |
|
HSA: |
$1,250 / $2,500 $1,000 |
$1,300 / $2,600 $1,000 |
|
Foreign Income Exclusion |
$99,200 |
$100,800 |
|
Minimum Annual Comp 408 |
$550 |
$600 |
|
Adoption Exclusion Limits Tax Credit |
$13,190 |
$13,400 |
|
Definition of Control Employee |
$105,000 |
$105,000 |
|
Definition of Highly Comp. |
$115,000 |
$120,000 |
|
Key Employee Top Heavy Plan |
$170,000 |
$170,000 |
|
Long-Term Premiums |
$370 |
$380 |
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 |
|
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 |
|
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.
—————
James Paille, CPP, is the Director of Operations for Thomson Reuters’ myPay Solutions and has been an executive manager in the payroll service industry for over 30 years, specializing in managing multi-location offices. A member of the APA’s Board of Directors and National Speakers Bureau, he chairs the CPP Certification Review Panel. Paille holds a BS in Accounting from St. John Fisher College in Rochester, NY.
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Tags: Legislation, Payroll, Payroll Software
