News and Updates

Rifleworks Colorado

2014 Rates and IRS Limits

2014 has finally arrived and with it comes new changes that affect both payroll and employment taxes. The IRS implemented new FITW tables and a new "additional medicare tax" item to be tracked throughout the year. Another revision to execute is reverting the social security withholding rate back to 6.2%. 

Standard Deductions will be: Single (Under 65) $6,200; (65 or Older) $7,750; Married Filing Joint $12,400; Head of Household (Under 65) $9,100; (65 or Older) $10,650.

Higher Education Maximum Deduction will be anywhere from $2000-2500 per student depending on adjusted gross income.

Educator Expenses Deduction will allow up to $250 for business expenses paid for books, supplies, computer equipment and other equipment and supplementary materials used in the classroom.

Standard Mileage Rates will be: 

  2013 2014
Business 56.5¢ / mi. 56¢ / mi.
Relocation    24¢ / mi.    23.5¢ / mi.
Medical    24¢ / mi.    23.5¢ / mi.
Charitable   14¢ / mi.    14¢ / mi.

  

Earned Income Credit could be available to a taxpayer having at least one qualifying child and earning less than $38,511 ($43,941 MFJ).

IRA Contribution Limits (Traditional and Roth) for this year will be $5,500 each or $6,500 if over the age of 50 at the end of 2014.

Possible Penalties For Lack Of Compliance

Almost all payroll duties have a penalty for lack of compliance or failure to file.  No one plans to miss a deposit, fail to file a report on time, or not be aware of a new rule or regulation. However, just one error can cost hundreds, if not thousands of dollars. 

Some examples are:

  • Insufficeint Federal Payroll Tax Deposits = Up to 15% of Amount Underpaid
  • Late Filing or Failure to File IRS Form 940 = Up to 100% of Unpaid Liability 
  • W-2 Issuance and Filing = Up to $100 Per Occurrence
  • Employment Tax Record Retention = Up to $100,000
  • Insufficient INS I-9 Form Compliance and Retention = Up to $10,000 Per Violation

New Location

At the end of 2012 we moved our office to a new location at 124 E. 4th Street, Rifle, CO. Find us between Alpine Bank and New Ute Theatre Society.  Hope to see you soon!

Employment
Staffing Options

Employment <br/>Staffing Options

Whether you are looking for work or for employees RifleWorks can provide you quality help at an affordable price. Let us help support your staffing needs so you can focus on operating your business.

more info

Job Postings

Job Postings

Are you in search of a new or better job opportunity? RifleWorks Can Help!

more info