2025 TAX AND NUMBERS CHEAT SHEET

Every year, certain important information on changes of tax and other important

numbers are revised. The following is a listing of some of the most important numbers

that have changed or remained the same for 2014.

1. Social Security Tax Wage Base - $176,100

2.       Individual Retirement Account - Traditional Contribution- $7,000

3.       ROTH, IRA- Individual Contribution- $7,000

4.       401k, and other types of Retirement Plans limit - $23,500

5.       Additional catch-up contribution (to 401k) if 50 or older - $7,500

6.       Business mileage - .70 cents/mile

7.       Charitable Mileage - .14 cents/mile

8.       Standard deduction on income taxes for married filing jointly-$29,200

9.       Standard deduction for single person (or married filing separately)- $15,000

10.     Exemptions:

i. Personal exemption- $0 (until 2026)

ii. Estate Exemption – $600

iii. Trust Exemption – $300 (simple), $100 (complex)

iv. Special Needs Trust (Qualified Disability Trust) – $5,050 (2024)

11. Estate tax exemption (federal)-$13,990,000

12.   Gift exclusion(annual) - $19,000

13. Gift exclusion (lifetime) - $13,990,000

14. Net Investment Income Tax - 3.8%

15.   Rate of tax above exclusion for estate and gift purposes- 40%

16.     Maximum amount for community spouse if other spouse is institutionalized (Community Spouse Resource Allowance - CSRA) $157,920

17.     Maximum amount the institutionalized spouse is permitted to have (could change by state) - $2,000 Federally – in California there is no asset limit, only an income limit (138% of federal poverty level - $15,650)

18.     Home equity limit for long-term care purposes:

a. Minimum - $730,000

b. Maximum - $1,097,000

19. Max Income Tax Rate (federal) - 37% at $626,350+

20. Max Income Tax Rate (California) (2024) - 12.3% at $698,271+

21. Max Trust Tax Rate (federal) - 37% at $15,650+

22. Max Trust Tax Rate (California) - 12.3% (same as ordinary income)