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Standard Mileage Rates - 2015
Asked Tuesday, November 28, 2017 by an anonymous userCPA Answer:
In 2015, the standard mileage rates for the use of a car, van, pickup or panel truck is 57.5 cents per mile for business use, 23 cents a mile for medical or moving purposes and 14 cents per mile driven in service of charitable organizations.
Social Security Changes - 2017
Maximum wages subject to Social Security tax
Asked Tuesday, December 20, 2016 by an anonymous userCPA Answer:
The maximum amount of wages in 2017 subject to the 6.2% Social Security tax will rise from $118,500 to $127,200, an increase of more than 7%.
There is no limit on the amount of wages subject to the medicare tax at a rate of 1.45%
There is no limit on the amount of wages subject to the medicare tax at a rate of 1.45%
Social Security Changes - 2017
Maximum Social security tax withholding
Asked Tuesday, December 20, 2016 by an anonymous userCPA Answer:
The maximum amount of Social Security tax a taxpayer will pay increased from $7,347 in 2016 to $7,883.40 in 2017, an increase of $539.40.
Social Security Changes - 2017
2017 beneficiaries increase
Asked Tuesday, December 20, 2016 by an anonymous userCPA Answer:
The SSA announced that Social Security beneficiaries will get a 0.3% increase in benefits in 2017 after getting no increase in 2016. The average retiree will receive an increase of $5 a month.
Social Security Changes - 2017
Under the full retirement age allowed earnings before penalty
Asked Tuesday, December 20, 2016 by an anonymous userCPA Answer:
A worker under the "full" retirement age can earn up to $16,920 for 2017 which is an increase from the 2016 amount of $15,720. The amount over the allowed amount causes $1 in benefits to be withheld for every $2 earned.
Social Security Changes - 2017
Maximum earnings in year reaching full retirement age
Asked Tuesday, December 20, 2016 by an anonymous userCPA Answer:
The maximum earnings a person can earn in the year they reach their full retirement age is $44,880, an increase from the 2016 amount of $41,880.
One dollar in benefits will be withheld for every $3 in earnings above the limit.
One dollar in benefits will be withheld for every $3 in earnings above the limit.
Social Security Changes - 2017
Maximum monthly Social Security benefit
Asked Tuesday, December 20, 2016 by an anonymous userCPA Answer:
The maximum monthly Social Security benefit a worker can receive at full retirement age is $2,687, which is an increase from the 2016 amount of $2,639.
Forms 1095-B and 1095 -C - Health Insurance from Employer Statement
Asked Friday, November 25, 2016 by an anonymous userCPA Answer:
If you or a family member enrolled in health insurance coverage through your employer, your employer must issue a Form 1095-B or 1095-C.
This form provides the required information on a monthly or annual basis to complete IRS Form 8962. Form 8962 is used to calculate a Premium Tax Credit or a Repayment on your current year's tax return.
Your employer has also reported this information to the IRS.
This form provides the required information on a monthly or annual basis to complete IRS Form 8962. Form 8962 is used to calculate a Premium Tax Credit or a Repayment on your current year's tax return.
Your employer has also reported this information to the IRS.
Income levels to qualify for health premium credit
Asked Monday, October 31, 2016 by an anonymous userCPA Answer:
The Income levels to qualify for health premium credit have increased. For fillers with household incomes ranging from 100% to 400% of the 2015 poverty level: $11,770 to $47,080 for singles and $24,250 to $97,000 for a family of four.
Social Security wage base
Asked Monday, October 31, 2016 by an anonymous userCPA Answer:
In 2016, there is no increase in the Social Security wage base of $118,500. The Social Security tax rate on employers and employees stays at 6.2%. The Medicare tax rate on employers and employees stays at 1.45% on all pay. BUT...
In 2017, the Social Security wage base is raised to $127,200. The maximum amount of Social Security tax a taxpayer will pay in 2017 will increase from $7,347 in 2016 to $7,886.40 in 2017. An increase of $539.40.
in 2017, the Social Security tax rate on employers and employees stays at 6.2%. The Medicare tax rate on employers and employees stays at 1.45% on all pay.
In 2017, the Social Security wage base is raised to $127,200. The maximum amount of Social Security tax a taxpayer will pay in 2017 will increase from $7,347 in 2016 to $7,886.40 in 2017. An increase of $539.40.
in 2017, the Social Security tax rate on employers and employees stays at 6.2%. The Medicare tax rate on employers and employees stays at 1.45% on all pay.