BKHM Blog

2014 SOCIAL SECURITY WAGE BASE AND COST OF LIVING ADJUSTMENTS

Posted by Sheridan Smith on Thu, Dec 05, 2013 @ 10:42 AM

The IRS recently issued a long list of cost of living adjustments (COLAs) for various Tax Code provisions in 2014 that are dependent upon the CPI-U index average from September 2012 through August 2013. The Tax Code requires that federal income tax brackets and certain other figures be adjusted annually for inflation. Because of inflation and rounding conventions, many provisions increase for 2014.

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Topics: bkhm cpas, IRS, tax code, social security

SOCIAL SECURITY WAGE BASE INCREASE

Posted by Sheridan Smith on Tue, Nov 12, 2013 @ 01:13 PM

Social Security wage base increases to $117,000 for 2014

Social Security News Release, 10//2013

The Social Security Administration has announced that the wage base for computing the Social Security tax (OASDI) in 2014 increases to $117,000 from $113,700, which was the wage base for 2013. The $3,300 increase, which is about 2.9%, is due to an increase in average total wages.

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Topics: bkhm cpas, tax, social security