Important 2014 Numbers for NC Employers

Document created by 1050210 on Oct 30, 2014
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Published Date: 03/03/2014

 

Pat; Rountree

By Pat Rountree

 

Minimum wage: $7.25 NC and Federal

 

IRS mileage rate: (For additional information, see http://j.mp/I-14.)

 

  • 56 cents/mile for business use of personal vehicle
  • 23.5 cents/mile for medical or moving expense
  • 14 cents/mile for miles driven for service for charitable organizations

 

FUTA taxable wage base (NC): $21,400

 

Social Security Taxable wage base: $117,000. (For additional information, see http://j.mp/SS-14.)

 

NC unemployment maximum weekly benefit: $350.00

 

Workers’ compensation benefit: $912.00 (66-2/3 of average weekly wage with maximum weekly benefit. For additional information, see http://j.mp/WCA-2 – Rates and duration of compensation for total incapacity.)

 

Deferral limit for traditional 401K plans: $17,500

 

For limits on other plan types and Catch-Up Contributions for Over Age 50, see http://j.mp/k-50.

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