The FICA-related wage base is expected to increase in 2014, although there is no tax increase. This increase to $115,500 reflects a simple $1,800 increase in the wage base, or maximum taxable Social Security income. Exemptions and Deductions The tax code is designed to accommodate fluctuations in the cost of living. While many Americans are very wary of rising prices, this type of change could actually help taxpayers save money. The changes ensure that filers are in the correct tax bracket, but also affect tax benefits such as exemptions and standard reductions. By 2014, these types of adjustments could save middle-income married couples $200. Individual applicants will also notice financial savings. Personal exemptions will be adjusted for inflation, as will limitations for IRA contributions and education and training credits. Some taxpayers may well continue to benefit from itemizing their deductions; anyone thinking of doing so should talk about choices and situations with an authorized tax