What’s new for 2014 payroll-related taxes

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What’s New for 2014 Payroll- Related Taxes

Employees may notice changes in their first paychecks of 2014 due to some updated federal and state tax requirements. To help you understand these changes and help you to explain them to your employees, we've included what's staying the same and what's changing below. Our Accounting Services Department is happy to be of assistance if you have any additional questions.

Social Security and Medicare Tax

The taxable limit for social security has increased to $117,000.00. The tax rate has stayed the same at 6.2% each for employee and employer.  The Medicare tax rate is 1.45% each for employee and employer, and is unchanged for 2014.  The additional Medicare rate of.9% on wages over $200,000 (single) or $250,000 (joint) is also unchanged and is taxable for the employee only.

Federal Income Tax

The 2014 withholding tables and the withholding allowance have changed.  Please refer to Internal Revenue Service Publication 15, Section 16 for the updated tables HERE.

Federal Unemployment Rate

The FUTA tax rate remains unchanged at 0.6% on each employee’s earnings up to $7,000.00.

Colorado State Unemployment Taxable Limit

 SUTA taxable limit has increased to $11,700.00 per employee.

2014 Deferred Compensation/Pension Plan Limits:

$17,500.00 $5,500.00
SIMPLE 401(k)
$12,000.00 $2,500.00
Roth 401(k)
$17,500.00 $5,500.00
Roth SIMPLE  401(k)
$12,000.00 $2,500.00
$12,000.00 $2,500.00

$17,500.00 $5,500.00
Roth 403(b) $17,500.00 $5,500.00
408(k) (SARSEP)
$17,500.00 $5,500.00
457 $17,500.00 $5,500.00

*Employee Catch-up: Employees age 50 and above.

Don't forget – Tuesday, Jan. 21st Tax Seminar
Register today! 

DATE: Tuesday, Jan. 21, 2014
TIME: 3:00-4:30 p.m.
LOCATION: The Pinery at the Hill

Implications of the Final 3.8% Net Investment Income Tax – 
Understand how this tax will affect your real estate investments


This seminar is for Real Estate Professionals, who are individuals working in a designated real estate activity, as well as Investors with real estate holdings, and Businesses renting property from the owners of the business. The seminar will focus on strategies to minimize the additional tax effective for 2013 tax returns.


Judy Kaltenbacher, CPA, Tax Partner in Charge

Jordan Empey, CPA, Tax Manager

For more information, please see our Tax Seminar Page on our website HERE.


Did you know?

We offer a wide variety of QuickBooks and Bookkeeping Services through our Accounting Services Department. Services include assistance with bookkeeping, payroll and sales tax returns, establishing accounting systems and internal controls, and various financial projects, as well as providing part-time controller or chief financial officer services and other on-site accounting support. 

Cheryl Solze, Senior Tax Manager, leads the team, including Department Manager, Linda Green, two senior bookkeeping consultants and five staff accountants. Senior Bookkeeping Consultant, Kimberly Paetsch recently earned her Certified Public Bookkeeper license, and is a Certified QuickBooks Advanced ProAdvisor. Others in the department are ProAdvisors and the team has training and experience in  QuickBooks for PC, MAC, and online.

To learn more about our services and how we can help free you up to focus on the growth of your business, contact us or Click Here.

Have questions? Contact us: (719) 630-1186 or Click Here
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