payroll tax

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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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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While open enrollment has come and gone, I’m free to adjust my retirement (and HSA) plan contributions whenever I want. I therefore just spent a few minutes getting things in order for 2013. This included increasing my 403(b) and 457(b) contributions as well as my HSA contributions. Yes, I have […]

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Who Pays for Unemployment Benefits?

by Michael on Oct 8, 2012

With the unemployment rate in the news, I thought I’d take a closer look at who actually pays for unemployment compensation. In general terms, unemployment benefits are paid through the Unemployment Insurance program, which is jointly administered between the federal and state governments. Unemployment insurance is funded through employer-paid federal […]

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