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2014 Social Security Wage Base Delayed:

The 2014 Social Security wage base and other key tax figures will be announced later than usual due to the government shutdown. Many key tax figures are tied to the Consumer Price Index (CPI) for the 12-month period ending in September. The estimated Social Security wage base for 2014 is $115,500 (an increase of $1,800). According to published reports, Social Security benefits will increase by approximately 1.5% in 2014. The 2014 limitations for qualified transportation fringe benefits, the adoption exclusion, long-term care premiums, payments received under qualified long-term care insurance, Archer MSAs, the foreign earned income exclusion, and property exempt from levy are delayed until after the September 2013 CPI is released.

Please contact me with any questions – bedelstein@waradydavis.com; www.waradydavis.com.  (847) 267-9600.

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