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Facts and Figures for February 2014

Stay up to date with the hottest topics and recent trends impacting your financial future.

  • Higher Wage Base—No surprise: The Social Security wage base has increased again to $117,000 in 2014 (up from $113,700 in 2013). At least the tax rate for employers and employees remains the same at 7.65% on amounts up to the base and 1.45% above that. Another payroll factor: A 0.9% Medicare surtax applies to single filers with wages above $200,000 and joint filers above $250,000.
  • New Mileage Rates—The IRS recently announced standard mileage rates for 2014 tax deduction purposes. And this time there was a small surprise: The rates of 56 cents per mile for business driving and 23.5 cents per mile for medical-related driving were each a half cent per mile lower than in 2013. The rate for charitable travel is 14 cents per mile, the same as it was last year.

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When we started One Source Manufacturing in 1997, we quickly went through two to three accounting firms without much success. Then we found Glass & Company and have been with them ever since. There are very few CPA firms in the Austin area that have the capability to service manufacturing companies. Glass & Company has a thorough understanding of the challenges that manufacturers face and the expertise to handle it all.””

– Kevin Shipley, One Source Manufacturing

500 W. 5th Street, Suite 1210 Austin, TX 78701 • Phone: 512-480-8182 • Fax: 512-480-9465 • info@glasscpa.com