How does one remove a subscribed calendar in iOS 7.1? I see an iCloud calendar on my phone but not on iCloud.com why?

It's normal not to see a subscribed calendar on icloud.com because icloud.com will not host them. As far a deleting your subscribed calendar, if it's the Holiday calendar it appears you can't. I recently ran into the same thing. The holiday calendar appears to be built into the iOS now, just as the Birthiday calendar is. All you can do is uncheck it so it's no longer in view.

Perhaps it will be changed in a future update. You can give Apple your feedback here: http://www.apple.com/feedback/iphone.html.