Finance & Enjoyment Blog

2013 Tax and Accounting Fact Sheet

We wanted to share a high-level Fact Sheet you can refer to for your tax and accounting questions during 2013. If you have more detailed questions or would like to find out more about how everyone at KKB CPAs can make your life more enjoyable, give us a call at 303-815-1100.

FICA Employee Tax –
  • This tax goes back to 6.2% from 4.2% as the payroll tax holiday ended December 31, 2012
  • FICA maximum wage base will go from $110,100 to $113,700

  • Social Security benefits will increase by 1.7%

401(k) Contribution Limits -
  • 401(k) Elective Deferral will limit will increase from $17,000 to $17,500
  • Annual Defined Contribution limit will increase from $50,000 to $51,000
  • Annual compensation limit will increase from $250,000 to $255,000
  • Catch-up contribution limit stays at $5,500
  • Simple Employee Deferrals will increase from $11,500 to $12,000
  • Highly compensated employees will remain at $115,000

Mileage Rates –
  • Business mileage will increase from 55.5 cents to 56.5 cents
  • Medical or moving mileage will increase from 23 cents to 24 cents
  • Charitable miles driven will stay the same at 14 cents

Flexible Spending Accounts –
  • FSA Individual limits will decrease from $3,100 to $2,500
  • FSA Family limits will decrease from $6,250 to $5,000
  • FSA funds may not be used for over the counter medications or vitamins unless you have a prescription
  • FSA funds may be used for crutches, diagnostic devices, co-pays and deductibles
  • FSA funds must be used by December 31st each year. If money is leftover it will not be returned to the employee or be eligible for reimbursement.

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