January 8, 2014
WAGES
SOCIAL SECURITY taxable wage limit increases from 2013
limit of $113,700 to $117,000 for 2014. Retirees under
full retirement age can earn up to $15,480 without
losing benefits.
RETIREMENT ACCOUNTS
401(k) MAXIMUM salary deferral remains at $17,500 for 2014. The catch-up limit for 50 and older also remains unchanged at $5,500.
SIMPLE maximum deferral remains at $12,000 for 2014.
The catch-up limit for 50 and older also remains unchanged at $2,500.
IRA CONTRIBUTION limit remains at $5,500 for 2014
($6,500 for 50 and older).
OTHER KEY NUMBERS:
HSA CONTRIBUTION limit increases for 2014 to $3,300
for individuals and to $6,550 for families.
KIDDIE TAX threshold for 2014 remains at $2,000.
NANNY TAX threshold increases from the 2013 level of
$1,800 to $1,900 for 2014.
AMT EXEMPTIONS for 2014 are $52,800 for singles,
$82,100 for couples, and $41,050 for married couples
filing separately.
ANNUAL GIFT TAX EXCLUSION remains at $14,000.
ESTATE TAX EXEMPTION increases from the 2013 amount of $5,250,000 to $5,340,000 for 2014.
According to the commission's online claims process, those whose personal information was exposed can opt for 10 years of free credit monitoring, which breaks down as follows: Four years via the three major credit bureaus (Equifax, Experian and TransUnion) and six years specifically through Equifax.
With all the tax law changes this year, be sure that you are getting your just deductions in the coming tax season. That is, qualifying deductions that fall under the Child and Dependent Care Credit. According to tax giant and trusted resource Intuit, here’s the skinny…
These days, we seem to have endless articles on IT security while traveling, but far fewer on physical safety. Because summer can be big travel months for many businesses, we put together the following list of tips to help keep you safe while away from home.
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