Retirement - 401(k)

401(k), 403(b), 457 and TSP plans - Maximum Contribution limits

Asked Wednesday, January 15, 2014 by an anonymous user

CPA Answer:

The limit on employee elective deferrals is $18,000 for 2016. The catch up contribution limit for employees 50 and over remains unchanged at $6,000.
Generally, all elective deferrals made to all plans in which you participate are aggregated to determine if you have exceeded these limits.
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Estate Tax

Estate Tax - Federal Exemption

Asked Wednesday, January 15, 2014 by an anonymous user

CPA Answer:

For 2016 the Federal exemption from estate taxes is $5,450,000.
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Foreign Earnings

Foreign Earned Income Deduction - 2014

Asked Wednesday, January 15, 2014 by an anonymous user

CPA Answer:

The foreign earned income deduction rises to $99,200, an increase of $1,600 from the maximum deduction for tax year 2013 of $97,600.
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Itemized/Standard Deduction

Phase-out of itemized deductions

Asked Wednesday, January 15, 2014 by an anonymous user

CPA Answer:

There is a phase-out of itemized deductions for taxpayers with AGI above $259,400 (individual filers), $311,300 (MFJ) and $285,350 for head of households.
The total reduction can not be more than 80% of the gross itemized deductions.
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Minimum Wage

Illinois

Asked Monday, December 30, 2013 by an anonymous user

CPA Answer:

For 2014, the minimum wage is $8.25.
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Minimum Wage

Florida

Asked Monday, December 30, 2013 by an anonymous user

CPA Answer:

For 2014, the minimum wage is $7.93.
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Minimum Wage

District of Columbia

Asked Monday, December 30, 2013 by an anonymous user

CPA Answer:

For 2014, the minimum wage is $8.25.
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Minimum Wage

Connecticut

Asked Monday, December 30, 2013 by an anonymous user

CPA Answer:

For 2014, the minimum wage is $8.70.
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Minimum Wage

Colorado

Asked Monday, December 30, 2013 by an anonymous user

CPA Answer:

For 2014, the minimum wage is $8.00.
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Minimum Wage

California

Asked Monday, December 30, 2013 by an anonymous user

CPA Answer:

For 2014, the minimum wage is $9.00.
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