Dec 19, 2014 4:48:05 PM
By Coastal Payroll
The Internal Revenue Service has announced the annual inflation adjustments for 2015; these adjustments include social security, 401k, and HSA limits. Several states have also had increases in minimum wage and their corresponding wage bases. All of the adjustments, both federal and state, become effective January 1, 2015.
Social Security Administration announced the taxable wage limit for 2015. For calendar year 2015, the amount of taxable earnings will increase to $118,500. The maximum tax payable by an employee will be $7347.00. Employers match will be the same.
2015 Annual HSA Contribution Limits:
Self-only HDHP coverage: $3,350
Family HDHP coverage: $6,650
Individuals who reach the age of 55 by the end of the calendar year may contribute an extra $1000 per year.
2015 Annual HDHP Minimum Deductibles:
Self-only coverage: $1300
Family coverage: $2,600
2015 HDHP Out-of-Pocket Limits:
Self-only coverage: $6450
Family coverage: $12,900