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 |
| The year an individual reaches full retirement age Note: Applies only to earning for months prior to attaining full retirement age. | $40,080/yr |
| 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
| $5.25 million
|
*Adjusted Gross Income |