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2014 by the numbers

  • $8: The Colorado minimum wage, effective Jan. 1.
  • 6.2 percent: Social Security tax rate for both employees and employers.
  • $117,000: Social Security wage base
  • 0.9 percentage points: employee Medicare tax rate increases (from 1.45 percent to 2.35 percent) on wages paid over $200,000 in a year.
  • $17,500: The basic annual deduction limits for 401(k), 457, and 403(b) plans.
  • $5,500: Annual catch-up contributions for 401(k), 457, and 403(b) participants who are at least age 50 by the calendar year’s end.
  • $52,000: The contribution limit for the 401(a) plans.
  • 25 percent: Federal supplemental tax rate (It’s 39.6 percent for over $1 million).
  • 4.63 percent: Colorado supplemental tax rate.
  • $0.235 per mile: Federal standard reimbursement rate for relocation (moving) related mileage (non-taxable – see IRS website: http://www.irs.gov/2014-Standard-Mileage-Rates-for-Business,-Medical-and...).
  • $0.50 per mile: The Colorado state reimbursement rate for mileage. For moving expenses, $0.23 of this is nontaxable (MVN) and $0.27 is taxable (MVT).

Additional information is available at https://www.cu.edu/pbs/taxreminders.html.

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