Bipartisan Budget Bill 2015: Major Change to Social Security

It’s hard to guess where the tax law is headed, and nearly impossible to predict the direction of Social Security. Social Security is a topic that is widely debated in politics, as well as in the homes of millions of Americans. One of the only arguments that both parties from left to right can agree …

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No Social Security Changes in the Wage Base for 2016

The Social Security Administration announced that there will be no automatic increase in 2016 since there was no increase in the Consumer Price Index from the third quarter of 2014 to third quarter of 2015. With this said the tax rate for Social Security will stay the same at 6.20% and the maximum taxable earnings …

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Payroll Records…What Do I Need to Save?

Earlier this year, the IRS and Social Security Administration offered advice to employers in the Spring 2015 SSA/IRS Reporter on payroll record retention. The general record retention rule for payroll records applies to any employer that withholds and pays federal income, Social Security and Medicare taxes. The SSA/IRS Reporter says records relating to the above …

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Key Dates & Milestones: Social Security, Pensions, IRAs, Medicare

There are many age-related financial and planning milestones that you need to be aware of in your sixties. Keep this list in mind. 59 ½ – Penalty Goes Away This is the age at which one can withdraw money from traditional IRAs, 401(k)s or similar retirement plans without restrictions and without an added 10% tax …

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