You might have encountered this scenario in the past: you face a financial crisis and require access to cash. Beginning in 2024, there will be new relief for some taxpayers facing emergencies. The SECURE 2.0 law, which was enacted late last year, contains two different relevant provisions: You contemplate the possibility of withdrawing funds from […]
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Are you aware social security wage base for employees and self-employed individuals is increasing in 2024?
The wage limit for calculating Social Security tax will go up from $160,200 to $168,600 per the Social Security Administration. Wages and self-employment income which falls above this threshold will not be subject to social security tax. Basic details The Federal Insurance Contributions Act (FICA) imposes two taxes on employers, employees and self-employed workers — […]
Security for employees’ retirement based on new law.
To start the new year, Congress has made considerable changes to individual retirement savings, whether it be with an IRA or other plan. With the passing of the SECURE ACT, these four changes have been made to individual retirement plans. As we head into a new year, the federal government has made beneficial legislative changes […]