GENERAL TAX FACTS

 

STANDARD DEDUCTION 
2013 – Single   $6,100    
                        $7,600 if 65 or older               
           Married $12,200 
               $13,400 if one spouse is 65 or older
               $14,600 if both are 65 or older

PERSONAL EXEMPTION
2013 – $3,900 per exemption claimed on return

MAX WAGES SUBJECT TO SOCIAL SECURITY TAX
2013 – $113,700
2014 – $117,000

MAX ALLOWABLE IRA CONTRIBUTION
2013 – $5,500
              $6,500 if 50 or older 

HSA CONTRIBUTION LIMITS
2013 –  Self Coverage -         $3,250;  55 or older  - $4,250
               Family Coverage -  $6,450;  55 or older  - $7,450
2014 –  Self Coverage -         $3,300;  55 or older  - $4,300
               Family Coverage -  $6,550;  55 or older  - $7,550

ANNUAL GIFT EXCLUSION
2013 – $14,000 per donee
2014 – $14,000 per donee
Gifts made in excess of the above exclusions must be reported to the IRS. 

STANDARD MILEAGE RATES
2013 – Business – 56.5 cents per mile
            Medical or Moving – 24 cents per mile
            Charity – 14 ¢ per mile
2014 – Business – 56 ¢ per mile
            Medical or Moving – 23.5 ¢ per mile
            Charity – 14 ¢ per mile

FLORIDA (AND FEDERAL) MINIMUM WAGE
$7.93 for 2014
$4.91 (Minimum Wage with Tips)