The estate and gift tax exemption for 2014 has been increased to $5,340,000.
Standard mileage rate for 2014 has declined to $0.56/mile.
The tax for being uninsured is normally the higher of two amounts: The basic penalty of $95/person ($47.50 for each family member under age 18), with a ceiling of $285, or 1% of the excess of the taxpayer's household AGI over the minimum level of AGI needed to trigger filing a return ($10,150 for
Farmers may be able to claim a tax credit or refund of excise taxes paid on fuel used in farming operations. A credit may be claimed for the tax paid on gasoline used for farming purposes.
The social security wage base increases in 2014 to $117,000, up $3,300 from the 2013 cap. The tax rate for employers and employees remains at 6.2%, and the employer's and employees medicare tax remains at 1.45%, but the 0.9% medicare surtax kicks in for singles earning over $200,000 and couples earning over $250,000. The surtax doesn't affect the employer's share. S
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