Medicare Taxes
-
The Social Security wage base for employees and self-employed people is increasing in 2024
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $168,600 for 2024 (up from $160,200 for…
Read More: The Social Security wage base for employees and self-employed people is increasing in 2024 -
Use an S corporation to mitigate federal employment tax bills
If you own an unincorporated small business, you probably don’t like the size of your self-employment (SE) tax bills. No wonder! For 2023, the SE…
Read More: Use an S corporation to mitigate federal employment tax bills -
When can seniors deduct Medicare premiums on their tax returns?
If you’re age 65 and older and have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you…
Read More: When can seniors deduct Medicare premiums on their tax returns? -
You may be liable for “nanny tax” for all types of domestic workers
You’ve probably heard of the “nanny tax.” But even if you don’t employ a nanny, it may apply to you. Hiring a house cleaner, gardener…
Read More: You may be liable for “nanny tax” for all types of domestic workers -
Employers: In 2023, the Social Security wage base is going up
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $160,200 for 2023 (up from $147,000 for…
Read More: Employers: In 2023, the Social Security wage base is going up -
Is your income high enough to owe two extra taxes?
High-income taxpayers face two special taxes — a 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax on wage and self-employment income.…
Read More: Is your income high enough to owe two extra taxes?
Stay current on weekly blogs by following our social media posts on LinkedIn, Facebook, and Twitter.