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Social Security Adjustments
The? Social Security Administration has announced that the wage base for computing social security tax (OASDI) in 2013 will increase to $113,700 from 110, 100.? The monthly Social Security and Supplemental Security income will increase 1.7% in 2013 due to a cost of living adjustment. (COLA)
Various Tax Benefits Inflation Adjustments
The IRS announced the annual inflation adjustments for certain 2013 tax provisions. These include:
The annual exclusion for gifts rises to $14,000 for 2013, up from $13,000 for 2012.
The amount used to reduce the net unearned income reported on a child?s tax return subject to the ?kiddie tax,? is $1,000, up from $950 for 2012.
The foreign earned income exclusion rises to $97,600, up from $95,100 in 2012.
Details on these inflation adjustments and others such as the low-income housing credit, the dollar limits for high-deductible health plans and other amounts can be found in
Revenue Procedure 2012-41.
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Source: http://tejindustriesinc.com/blog/2012/10/19/tax-updates-for-2013/
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