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401(k), 403(b), 457 and TSP plans - Maximum Contribution limits
Asked Wednesday, January 15, 2014 by an anonymous userCPA 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.
Generally, all elective deferrals made to all plans in which you participate are aggregated to determine if you have exceeded these limits.
Estate Tax - Federal Exemption
Asked Wednesday, January 15, 2014 by an anonymous userCPA Answer:
For 2016 the Federal exemption from estate taxes is $5,450,000.
Foreign Earned Income Deduction - 2014
Asked Wednesday, January 15, 2014 by an anonymous userCPA 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.
Phase-out of itemized deductions
Asked Wednesday, January 15, 2014 by an anonymous userCPA 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.
The total reduction can not be more than 80% of the gross itemized deductions.
Illinois
Asked Monday, December 30, 2013 by an anonymous userCPA Answer:
For 2014, the minimum wage is $8.25.
Florida
Asked Monday, December 30, 2013 by an anonymous userCPA Answer:
For 2014, the minimum wage is $7.93.
District of Columbia
Asked Monday, December 30, 2013 by an anonymous userCPA Answer:
For 2014, the minimum wage is $8.25.
Connecticut
Asked Monday, December 30, 2013 by an anonymous userCPA Answer:
For 2014, the minimum wage is $8.70.
Colorado
Asked Monday, December 30, 2013 by an anonymous userCPA Answer:
For 2014, the minimum wage is $8.00.
California
Asked Monday, December 30, 2013 by an anonymous userCPA Answer:
For 2014, the minimum wage is $9.00.