November 4, 2014
The Social Security Administration (SSA) announced that the maximum earnings subject to the Social Security component of the FICA tax will increase to $118,500 in 2015 from $117,000 in 2014. This means, that for 2015, the maximum Social Security tax that employers and employees will each pay is $7,347 ($118,500 x 6.2%), and a self-employed person with at least $118,500 in net self-employment earnings will pay $14,694 for the Social Security part of the self-employment tax. The Medicare component remains 1.45% of all earnings, and individuals with earned income of more than $200,000 ($250,000 for married couples filing jointly) will pay an additional 0.9% in Medicare taxes. Other 2015 cost-of-living adjustments announced by the SSA are available at http://op.bna.com/der.nsf/id/klan-9q5jfs/$File/colafacts2015.pdf.
With 2019 officially here, it is time to remind you that January 15th is the due date for the fourth quarter estimated tax payments. If you are required to make estimated tax payments, use the payment vouchers that you received after filing your 2017 returns.
Remember, if you do not pay enough tax by the due date of each payment period, you may be charged a penalty when you file your...
The holiday season is already in full swing, and as much as it can be a welcome distraction can be from our everyday lives, that distraction can cause its own issues as well.
We’ve noticed, here at SGA, an increased number of instances of scam emails and voicemail schemes lately. The scammers are trying to catch you off guard and get you to react in a way that you might...
The IRS requires you to keep your records that support an item of income or deduction on a return until the period of limitations for that returns runs out. The period of limitations is the period of time in which you can amend your return to claim a credit or refund, or the IRS can assess additional tax.
Period of Limitations: