From pamella.johnson at state.or.us  Thu Oct 31 08:47:45 2013
From: pamella.johnson at state.or.us (Pamella Johnson)
Date: Thu, 31 Oct 2013 08:47:45 -0700
Subject: [OSSSA218] SSA 2014 Change in Maximum Taxable Income + Update on
 IRS Phone Forums
Message-ID: <52721930.CD1F.0048.1@PERS.STATE.OR.US>

Good morning:

The Social Security Administration has announced its 2014 maximum taxable earnings subject to the Social Security tax and a 1.5 percent COLA for beneficiaries. Their press release is found below.

Also included is information on the January IRS telephone forum. (Time noted for this forum is Central Standard Time so please adjust accordingly.)

Thank you.

Pamella Johnson
Oregon State Social Security Coordinator
Oregon State Social Security Administration

***************************************************************************************

Social Security Announces 1.5 Percent Benefit Increase for 2014

Monthly Social Security and Supplemental Security Income (SSI) benefits for nearly 63 million Americans will increase 1.5 percent in 2014, the Social Security Administration announced today.

The 1.5 percent cost-of-living adjustment (COLA) will begin with benefits that more than 57 million Social Security beneficiaries receive in January 2014.  Increased payments to more than 8 million SSI beneficiaries will begin on December 31, 2013.

Some other changes that take effect in January of each year are based on the increase in average wages.  Based on that increase, the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $117,000 from $113,700.  Of the estimated 165 million workers who will pay Social Security taxes in 2014, about 10 million will pay higher taxes as a result of the increase in the taxable maximum. 

Information about Medicare changes for 2014 is available at www.Medicare.gov.  

The Social Security Act provides for how the COLA is calculated.  To read more, please visit www.socialsecurity.gov/cola.  

 ****************************************************************************************

FREE IRS Phone Forum

Timing issues cancelled our October Forum and Nov/Dec are tight with holidays so January 2014 will be the next scheduled phone forum for us!

Invitations are forthcoming mid January 2014.

Adjust your calendar and tele-connect with us Wednesday, January 29th at 10:00 a.m. Central Standard Time

Learn more about:

? What compensation is.

? What fringe benefits are.

? When to tax a fringe benefit.

? How to document fringe benefits.

? Hear real life examples.

Plan to attend Wednesday, January 29, 2014

10:00 a.m. Central Standard Time

We want to hear from you - please email if you have a topic you need to know more about!

Lori.A.Stieber at IRS.GOV