Retirement Contributions for 2013 and 2014

Below is a table of retirement contributions for 2013 and 2014.  It may not be too late to contribute for 2013 as you can contribute up to the due date of your tax return (i.e. April 15, 2014 for 2013 1040) for certain retirement plans.  You may also be eligible for the retirement savers tax […]

2014 Standard Mileage Rate

The Internal Revenue Service has now issued the 2014 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2014, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 56 cents […]

2013 Employee Social Security Tax Rate Increases

For 2013, the employee tax rate for social security increases to 6.2%.  The medicare withholding stays the same at 1.45%.  The social security wage base limit will increases to $113,700.00. According to the IRS, employers should implement the 6.2% employee social security rate as soon as possible, but no later than February 15, 2013.  After […]