FICA Taxes: What You Need To Know About Retirement Planning

LOS ANGELES, CA – When examining your pay stub, you may notice deductions for Federal Insurance Contributions Act (FICA) taxes, which encompass contributions to both Medicare and Social Security. These deductions represent a mandatory split between employees and employers, totaling 15.3% of gross income. The Social Security tax rate is 6.2%, while the Medicare tax rate is 1.45%. However, for self-employed individuals, the responsibility falls entirely on them to cover the entire amount, including making …

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Social Security Taxes Hit Unprepared Beneficiaries for the First Time – Understanding the New Changes

Cleveland, Ohio (AP) — Millions of Social Security beneficiaries across the United States are receiving larger monthly checks following a recent cost-of-living adjustment (COLA), but at the same time, many are finding out that they will now have to pay taxes on those benefits, marking the first time for some. According to a recent survey by The Senior Citizens League, 23% of participants who received Social Security for three years or more said they paid …

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Inheritance Taxes Threaten Wealthy Expats in UK

London, England – The super-rich in the UK are facing the possibility of leaving the country due to proposed inheritance tax plans by the Labour party. These plans aim to tax trusts, leading wealthy individuals to consider relocating to avoid the projected tax burdens. If implemented, the new tax regulations could have significant implications for high-net-worth individuals and their families who have utilized trusts as a means of estate planning and wealth preservation. These individuals …

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Taxable Earnings Limit Increase Predicted for 2025 Social Security Taxes: What to Expect

Gallatin, Tennessee – In 2025, Americans may face a significant increase in Social Security taxes, affecting millions as the maximum taxable earnings limit is expected to change. The adjustment, set to be implemented in mid-October for the following year, is based on the average wage index by the Social Security Board of Trustees. The predicted increase would raise the taxable maximum to $174,900 from the current $168,600. As a result of this change, employees earning …

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401(k) Withdrawals and Social Security: Will Cashing in Affect Benefits and Taxes?

Social Security in 2024 will be affected by 401(k) withdrawals, and it is important to understand how this might impact your benefits. As you approach your full retirement age, it’s crucial to consider the implications of cashing in your 401(k) and how it may affect your Social Security payments. Here’s what you need to know about this complex issue. Firstly, as you reach your full retirement age in 2024, your work earnings limit will be …

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Social Security Beneficiaries Face Unexpected Taxes on Increased Benefits

Youngstown, Ohio – New information reveals that millions of Social Security beneficiaries are now required to pay taxes on their benefits, representing a substantial change for many individuals who have never faced this obligation in the past. The recent cost-of-living adjustment (COLA) has resulted in larger monthly checks for recipients, but it has also triggered the imposition of taxes on these benefits, catching many off guard. According to a recent survey conducted by The Senior …

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Trump Proposes Eliminating Taxes on Tips at Las Vegas Rally

Las Vegas, Nevada – Former President Donald Trump made a bold proposal during a campaign rally in Las Vegas to eliminate taxes on tips, aiming to appeal to voters in a key swing state with a significant number of service industry workers. This move comes as Trump seeks to shift the narrative following his recent conviction in a New York hush money trial. The proposal was met with criticism from the Culinary Union in Nevada, …

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TAXES: Expert Ed Slott Shares Tips to Reduce Taxes for Retirement Savers

New York, NY – When it comes to planning for retirement, navigating the complex world of taxes is crucial for maximizing savings. IRAs and 401(k)s are popular retirement vehicles, but they are tax-deferred, not tax-free. This means that taxes will eventually need to be paid on these funds. To ensure that retirees can keep more of their hard-earned money, it is essential to have a tax minimization strategy in place. According to Ed Slott, a …

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