2015 numbers
Happy 2015! Look for changes this year in benefits and taxes. The Social Security wage base is $118,500, up $1,500 from last year. The pay-in rate for both employers and workers remains at 6.2 percent, with the Medicare tax adding 1.45 percent for each. In addition, a Medicare surtax of 0.9 percent is owed by singles earning $200,000 or more and couples earning $250,000 or more—but not by the employers. The self-employed pay the same taxes.
The better news: Social Security benefits go up 1.7 percent. Medicare premiums stay at $104.90 a month, but those in the upper brackets will pay more for Parts B and D.
Top contribution for 401(k), 403(b) and 457 plans rises to $18,000, $24,000 for people over 50. The top pay-in for SIMPLE plans is $12,500, or $15,500 over 50. Deduction ceilings for IRAs rise to $118,000 for couples and $71,000 for singles. Roth ceilings rise to $193,000 for couples and $131,000 for singles.
For nearly 30 years, Mike Nickerson has owned and managed a small, full-service accounting practice in the Midcoast. He holds a bachelor's degree in accounting from University of Southern Main and a master's degree in financial planning from Bentley University.
He is a past board member and president of the Maine Society of Certified Public Accountants and currently serves on the Maine Board of Accountancy.
An aged rock musician, Nickerson now finds musical enjoyment playing upright and electric bass in a variety of bands spanning folk to jazz music genres. He and his wife have three grown children, and they enjoy their free time hiking, kayaking, golfing, bicycling and motorcycling.
