social security

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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As of March 1st, 2013, people who sign up for Social Security benefits are required to set up direct deposit to receive their payments. In my book, this is a good thing. It’s both more cost effective and more secure than mailing out checks and having them sit in a […]

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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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How Much to Save for Retirement

by Michael on Aug 16, 2013 · 1 comment

Have you ever wondered how much you need to save to ensure a comfortable retirement? Thanks to retirement researcher Wade Pfau, who used historical data to identify the so-called “safe savings rate,” we have an answer. He investigated both the “maximum sustainable withdrawal rate” (MWR) and the “minimum necessary savings […]

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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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In addition to putting a cap on retirement accounts, President Obama’s budget proposal includes a possible transition to the so-called “chained CPI” for inflation adjustments. This includes things like cost-of-living increases for Social Security recipients as well as various tax provisions that are indexed to inflation. But what exactly is […]

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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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