Mileage Rate Deductions

Standard Mileage Rates - 2015

Asked Tuesday, November 28, 2017 by an anonymous user

CPA 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.
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Social Security Changes - 2017

Maximum wages subject to Social Security tax

Asked Tuesday, December 20, 2016 by an anonymous user

CPA 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%
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Social Security Changes - 2017

Maximum Social security tax withholding

Asked Tuesday, December 20, 2016 by an anonymous user

CPA 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.
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Social Security Changes - 2017

2017 beneficiaries increase

Asked Tuesday, December 20, 2016 by an anonymous user

CPA 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.
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Social Security Changes - 2017

Under the full retirement age allowed earnings before penalty

Asked Tuesday, December 20, 2016 by an anonymous user

CPA 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.
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Social Security Changes - 2017

Maximum earnings in year reaching full retirement age

Asked Tuesday, December 20, 2016 by an anonymous user

CPA 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.
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Social Security Changes - 2017

Maximum monthly Social Security benefit

Asked Tuesday, December 20, 2016 by an anonymous user

CPA 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.
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ObamaCare & Form 1040

Forms 1095-B and 1095 -C - Health Insurance from Employer Statement

Asked Friday, November 25, 2016 by an anonymous user

CPA 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.
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Affordable Care Act

Income levels to qualify for health premium credit

Asked Monday, October 31, 2016 by an anonymous user

CPA 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.
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Social Security

Social Security wage base

Asked Monday, October 31, 2016 by an anonymous user

CPA 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.
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