CHANGES FOR 2013 / 2014

bullet FICA & Medicare Taxes
Last year the FICA rate increased to 7.65 percent. Individuals making more than $200,000 and joint filers over $250,000 saw an additional 0.9 percent tax increase. Self-employed individuals pay 15.3 percent as they pay both the employee and employer shares. The maximum wage base has increased from $113,700 to $115,500.
bullet Affordable Care Act (ObamaCare)
Companies with more than 50 full-time employees who fail to provide health care coverage will be charged a tax penalty. Individual adults who fail to purchase health insurance may be subject to a $95 penalty, while children will be charged $47.50. This penalty will increase each year until 2016 when it will be $695 for adult or 2.5% of the total household income, whichever is more.