Mileage Rate Changes This Year
Beginning on Jan. 1, 2015, the standard mileage rate for the use of a car (also vans, pickups or panel trucks) will be:
- 57.5 cents per mile for business driven miles
- 23 cents per mile driven for medical or moving purposes
- 14 cents per mile driven in service of charitable organizations
Minimum Wage
The Illinois minimum wage for 2015 will stay at $8.25 per hour, while the Missouri minimum wage will increase from $7.50 per hour to $7.65.
IRS Limits
IRA contribution limits for retirement savings accounts, including contribution limits for 401(k), 403(b), and most 457 plans.
SEP Contributions
SEP Contribtuions are limited to 25% of wages, with a maximum contribution of $53,000 in 2015.
401(k), 403(b), and most 457 plans
Age 49 and under may contribute up to $18,000. Age 50 and older may contribute an additional $6,000.
Simple IRA contribution limits
Age 49 and under may contribute up to $12,500. Age 50 and older may contribute an additional $3,000.
Roth and Traditional IRA contribution limits
Age 49 and under may contribute up to $5,500 (must have employment compensation). Age 50 and older may contribute an additional $1,000.
