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The IRS adds an additional Medicare tax of 0.90% for incomes over $200,000 ($250,000 for joint filers), bringing that total tax to 3.8%, of which employees owe 1.9%. There is also a cap on wages ...
Changes to retirement account rules. If you’re sitting on unused funds in 529 education accounts, take heart.Starting in 2024, you can roll those savings over tax-free to a Roth IRA. There are ...
The tax year 2024 maximum Earned Income Tax Credit amount for taxpayers with three or more qualifying children is $7,830, an increase of $400 from tax year 2023.
The new contribution limit for 401(k)s and other workplace retirement plans in 2025 will be $23,500, up from $23,000 currently, the Internal Revenue Service said Friday.
This is an increase from the limit in 2024 of $4,150. For an individual with family coverage, the annual limitation is $8,550. This increased from the limit in 2024 of $8,300.
Payroll tax increases: Increasing payroll taxes that fund Social Security and Medicare is another option. The last time the Social Security tax rate increased was 1990 and the Medicare tax hasn ...
A family health care plan must have a minimum annual deductible of $3,300 ($3,200 in 2024) and an annual out-of-pocket limit of at least $16,600 ($16,100 in 2024). In addition, you’ll also need ...
Michigan’s flat state income tax rate rose for 2024 to 4.25%, and the law surrounding the state’s pension deduction also changed, as part of a phaseout of the state’s three-tier retirement ...