fica

HSA Transfer and Rollover Rules

by Michael on Feb 5, 2014

On the topic of investing in your HSA… Some of you might be interested in moving your HSA money to a new provider with lower fees, better investment options, etc. Fortunately, it’s not only possible to move your money, it’s also quite easy to do. The main thing that you’ll […]

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The 2014 Social Security Wage Base

by Michael on Dec 5, 2013

As we near the end of the year, I thought it would be worth looking ahead to next year’s Social Security wage base. As I’ve noted in the past, FICA-OASDI taxes are calculated as 6.2% of your gross compensation up to the Social Security contribution and benefit base (a.k.a. the […]

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Estimated Tax Payments Due Soon (Q3 2013)

by Michael on Sep 15, 2013

Yikes. I nearly forgot. Estimated tax payments are due tomorrow (Monday, Sept 16th). And there’s not much I can do about it since I’m currently out of the country. Oh well, I’ll just have to send them in a little late. It’s not the end of the world. Really, it […]

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Estimated Tax Payments Due Soon (Q2 2013)

by Michael on Jun 7, 2013

As we head into the weekend, I just wanted to remind you that estimated tax payments for the second quarter of 2013 are due in ten short days — on Monday, June 17th (the 15th falls on a Saturday). So why not set aside a few minutes this weekend to […]

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What are FICA Payroll Taxes?

by Michael on Jan 21, 2013

As a followup to this morning’s post, it dawned on me that not everyone is an expert on FICA payroll taxes. Thus, I thought I’d expand a bit on exactly what these are. You may have noticed deductions on your paycheck called FICA-OASDI and FICA-HI. These are your Social Security […]

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The 2013 Social Security Wage Base

by Michael on Jan 21, 2013

While we’re on the topic of payroll taxes, I thought it would be worth taking a closer look at the Social Security wage base. As previously noted, FICA-OASDI taxes are calculated as 6.2% of your gross compensation up to the Social Security contribution and benefit base (a.k.a. the “wage base“). […]

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A reader recently wrote in to ask why his FICA-OASDI taxes increased in 2013. The answer, of course, is that the “payroll tax cut” expired. The payroll tax cut, which was enacted in 2011 to help stimulate the sputtering economy, reduced your FICA-OASDI (i.e., Social Security) obligation from 6.2% to […]

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