Social Security Social Security Cost-of-living adjustment (COLA) 2021 2022 For Social Security and Supplemental Security Income (SSI) beneficiaries 1.30% 5.90% Tax rate--employee 2021 2022 FICA tax -- Employee 7.65% 7.65% Social Security (OASDI) portion of tax 6.20% 6.20% Medicare (HI) portion of tax 1.45%1 1.45%1 Tax rate--self-employed 2021 2022 Self-Employed 15.30% 15.30% Social Security (OASDI)...
Many IRA and retirement plan limits are indexed for inflation each year. Although the amount you can contribute to IRAs remains the same in 2022, other key numbers will increase,...
Among the many provisions in the multi-trillion-dollar legislative package being debated in Congress is a provision that would eliminate a strategy that allows high-income investors to pursue tax-free retirement income:...
In 2020, 74% of workers said they expected to work for pay after retiring from their regular jobs, but only 27% of retirees said they had actually done so. This...
Recent college graduates aren't the only ones carrying student loan debt. A significant number of older Americans have student debt, too. In fact, student loan debt is the second-highest consumer...
Due to the coronavirus pandemic, the due date for filing federal income tax returns and making tax payments has been postponed by the IRS from Wednesday, April 15, 2020, to...
On Friday, March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. This $2 trillion emergency relief package is intended to assist individuals and...
During the last week of February 2020, the S&P 500 lost 11.49% — the worst week for stocks since the 2008 financial crisis — only to jump by 4.6% on...
Updates to the contribution and income phase-out limits for retirement plans in 2020. Note that IRA and ROTH IRA Contribution limits remain the same as 2019, but other plans like...
Certain retirement plan and IRA limits are indexed for inflation each year, but only some of the limits eligible for a cost-of-living adjustment (COLA) have increased for 2019. Some of...