2013 tax numbers recently published by the IRS and Social Security Administration:
* SOCIAL SECURITY taxable wage limit increases from 2012 limit of $110,100 to $113,700 for 2013. Retirees under full retirement age can earn up to $15,120 without losing benefits.
* 401(k) MAXIMUM salary deferral increases from 2012 limit of $17,000 to $17,500. The catch-up limit for 50 and older remains unchanged at $5,500.
* SIMPLE maximum deferral increases from 2012 limit of $11,500 to $12,000. The catch-up limit for 50 and older remains unchanged at $2,500.
* IRA CONTRIBUTION limit increases from 2012 limit of $5,000 to $5,500 ($6,500 for 50 and older).
* HSA CONTRIBUTION limit increases to $3,250 for individuals and to $6,450 for families.
* KIDDIE TAX threshold increases from 2012 level of $1,900 to $2,000.
* ANNUAL GIFT TAX EXCLUSION increases from 2012 limit of $13,000 to $14,000.
In such a company the assets are overvalued, the assets side
of the balance sheet consists of fictitious assets, useless intangible assets and debit
balance in the profit and loss account. The basic accounting equation, in a way,
“hides” capital, revenues, expenses and drawing in
one basic accounting element, the owner’s equity. This is because the information presented by management accounting is proposed for internal viewers and is not available to the public like the information presented in financial accounting (Accounting for Management, 2009).