| 2014 DOLLAR AMOUNTS AND COLAS FOR BENEFIT PLANS AND TAXES |
| The IRS and Social Security Administration each year announce the cost-of-living adjustments affecting tax and employee benefits dollar amounts for the upcoming calendar year. Some of the highlights are listed below. |
| Tax Benefit | 2014 | 2013 |
| Highly Compensated Employee (HCE) Threshold | $115,000 | $115,000 |
| Key Employee, Officer | $170,000 | $165,000 |
| Social Security Taxable Wage Base | $117,000 | $113,700 |
| 401(k), 403(b), Profit-Sharing Plans: | | |
| Maximum Elective Deferrals (annually) | $17,500 | $17,500 |
| Catch-up Contributions (for those age 50 and older) | $5,500 | $5,500 |
| Annual Compensation | $260,000 | $255,000 |
| Annual Defined Contribution Limits | $52,000 | $51,000 |
| Individual Retirement Accounts (IRAs): | | |
| IRA Contribution Limit | $5,500 | $5,500 |
| IRA Catch-up Contributions (age 50 and older) | $1,000 | $1,000 |
| Health Savings Accounts (H.S.A.s): |
| Maximum Annual Contribution – Individual Coverage | $3,300 | $3,250 |
| Maximum Annual Contribution – Family Coverage | $6,550 | $6,450 |
| Catch-up Contribution – age 55 and over | $1,000 | $1,000 |
| High Deductible Health Plan (HDHP): |
| Minimum Annual Deductible – Individual Coverage | $1,250 | $1,250 |
| Minimum Annual Deductible – Family Coverage | $2,500 | $2,500 |
| Maximum Out-of-Pocket Expenses – Individual Coverage | $6,350 | $6,250 |
| Maximum Out-of-Pocket Expenses – Family Coverage | $12,700 | $12,500 |
| Dependent Care Assistance Plan (DCAP) Maximum Annual Pre-tax Contribution through 125 Plan | | |
| For a married couple filing a joint return or a single parent filing as “House of Household” | $5,000 | $5,000 |
| For a married couple filing separate returns | $2,500 | $2,500 |
| Adoption Credit & Exclusion from Income (may take both if enough expenses) |
| Adoption Tax Credit (phases out between AGI of $189,710 and $229,710) | $13,190 | $12,970 |
| Adoption Assistance, Maximum Annual Pre-tax Contribution through 125 Plan | $13,190 | $12,970 |
| Qualified Transportation Benefits: | | |
| Parking – monthly maximum | $250 | $245 |
| Vanpooling & Transit – monthly maximum | $130 | $245 |
| Personal Income Tax Filing Amounts: |
| Dependent Exemption | $3,950 | $3,900 |
| Standard Deduction, Married Filing Jointly (MFJ) | $12,400 | $12,200 |
| Standard Deduction, Head of Household | $9,100 | $8,950 |
| Standard Deduction, Single or Married Filing Separately | $6,200 | $6,100 |
