The Social Security Administration released several figures pertinent to both workers and retirees. These statistics reveal there’s been a large increase in the worker wage base and a modest boost to retirement benefits.
These figures demonstrate the continuing strength of the US economy. But the social security cap will be changing as a result.
An Increasing Wage Base
The social security cap for 2020 will rise by 3.6% in 2020 to $137,700. This is the amount of earnings subject to the Social Security tax.… Read the rest
Here’s what you need to know about Medicare taxes.
The Medicare tax is what’s known as a type of payroll tax. It’s paid by both employers and employees, so it’s your responsibility to withhold the correct amount from the salaries of your employees. You also need to make a matching contribution.
The Federal Insurance Contributions Act (FICA) is made up of a combination of Social Security and Medicare.
FICA differs from income taxes because it’s a flat tax of 15.3%… Read the rest
Did you make a successful investment this year, or did you sell a property? If that’s the case, you may need to pay capital gains tax. This is a perplexing aspect of the tax code, and we are going to make it much clearer for you.
What is Capital Gains Tax?
Investors from small fish to huge firms are all eligible to pay capital gains tax. Practically all money gained through an investment is taxable, and you need to be aware of that.… Read the rest
Congratulations on your marriage. Marriage is a very exciting thing and the last thing you want to ruin your newlywed experience is talking about taxes. However, we feel it is best that you get it out of the way as soon as possible while everything is still fresh on your mind.
This way you do not have to worry about any financial issues further down the line. Many couples focus on getting joint bank accounts yet taxes are something that they do not consider.… Read the rest