Higgins & Associates, CPA Inc.

2014 At A Glance:

UNDER CONSTRUCTION

 Personal exemption 2013

$3,900

 Phaseout of personal exemptions starts (AGI*) 
     couple filing jointly or qualifying widow(er)s

 $300,000

     single individuals

 $250,000

 

Standard mileage rate 2013

 

     business use

56.5 cents 

     medical and moving

24 cents 

     charitable

14 cents 

 

Social Security earning limit 2013

 

     Under full retirement age

$15,120/yr
($1,260/mo)

    The year an individual reaches full retirement age
Note: Applies only to earning for months prior to attaining full retirement age.

$40,080/yr
($3,340/mo)

      Month of full retirement age

no limit 

 Wage base, Social Security tax $113,700
 Taxable wage base, Medicare

no limit 

 

2013 contribution limits

 

     401(k)s

$17,500 

       additional catch-up amount

$5,500 

     IRAs

$5,500 

       additional catch-up amount for 50 years old +

$1,000 

     SIMPLES

$12,000 

       additional catch-up amount

$2,500 


 

 Automatic exemption from federal estate tax 2014


 Gift tax exclusion 2014

$5.25 million
$14,000

 

*Adjusted Gross Income