2014

2017 Military Pay Charts Reflecting 1.6% Raise – Updated Basic Pay Monthly Tables

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[2017 update] Armed serviced members in 2017 will at minimum see a 1.6 percent increase in base pay based on the President’s latest executive order for government and uniformed service members pay raises. The final pay raise will be determined in a month or so once the final Employment Cost Index (ECI) figures are released. By law […]

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Will there be a 2017 Cost of Living Adjustment (COLA) Increase

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[2017 COLA update] It looks highly likely that there won’t be a Cost of Living Adjustment (COLA) increase in 2017 based on recent CPI-W figures and comments from the Board of Trustees of the Social Security Trust Funds.  The main impact of the COLA is to the 70 million+ Social security recipients. Estimates for the 2017 COLA […]

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2017 Pay Raise Approved for Federal Employees on GS Pay Scale

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[2017 Confirmed GS Pay Raise] The president has excised his executive power and given government employees on the GS pay scale and armed service members one of the largest raises in recent times. Civilian employees will receive a combined 1.6 percent raise (vs 1.3 percent last year) per the earlier update, which is made up of an […]

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2016 and 2017 401k, 403b Contribution Limits and Catch-up Amounts

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[Updated with 2016 contribution limits] The IRS has released 2016 employer sponsored retirement plan limits, which covers 401(k), 403(b), and Government Thrift Savings (TSP) plans.  The  annual contribution limit, which is indexed to inflation, remained unchanged. So like 2015, the maximum amount employees will be able to contribute on a pre-tax basis in 2016 will be $18,000. The catch-up pre-tax […]

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2016 and 2017 Maximum Weekly Unemployment Benefits By State

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Listed below are the latest maximum weekly unemployment insurance benefit/compensation amounts by state. The Unemployment compensation (UC) program is designed to provide benefits to most individuals out of work or in between jobs, through no fault of their own. Note, the table below contains the the maximum weekly unemployment insurance compensation (benefit) including adjustments for dependents where […]

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2014 vs. 2015 Savers Tax Credit Limits to Help Workers Save for Retirement

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[Updated with 2015 amounts] This IRS has released 2015 updates for the savers credit, which helps lower income earners save for retirement by providing an offset to retirement plan (401k and IRA) contributions. A lot of people don’t know about or take advantage of this little known credit, officially referred to as the retirement savings contributions credit.. The […]

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2015 Tax Brackets and Other Federal Taxation Updates

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Given the low inflation environment over the last year, the 2015 IRS Tax Brackets, standard deductions and personal exemptions have only seen a moderate increase over 2014 levels. Federal income tax brackets and related tax items, under the tax code, provide for mandatory annual adjustments based on inflation. This is to prevent the phenomenon known as bracket […]

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2014 vs 2013 AMT Exemption and Thresholds

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Following enactment of the American Tax Relief Act (ATRA) in 2012, the AMT patch legislation that Congress had to pass every year to ensure more people were not snagged by the Alternative Minimum tax (AMT), is now no longer required. Instead the AMT exemption and associated thresholds based on filing status are now tied (or […]

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2014 Earned Income Tax credit (EITC)

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[2014 EIC Update] The IRS has released 2014 Earned Income Tax credit (EITC) details which are shown in the table below. There have been some minor increases to the EITC amount and qualifying limits following inflation adjustments. How to read the table above. The “earned income amount” (line 1) is the amount of income (minimum limit) at or […]

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2014 IRS Tax Brackets and Rates With Standard Deduction and Personal Exemption Updates

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Below are the 2014 IRS federal tax brackets based on annual inflation adjustments. Given the low inflation environment there were only moderate increases in tax brackets, standard deductions and to the personal exemption. The main changes for the 2014 tax year were: Marginal tax rates remained the same as last year with 39.6% being the highest marginal […]

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