Social Security Wage Base Increases for 2021The Social Security Administration (SSA) has announced that the maximum earnings subject to the Social Security component of the FICA tax will increase from $137,700 to $142,800 for 2021. This means that for 2021, the maximum Social Security tax that employers and employees will each pay is $8,853.60 ($142,800 x 6.2%). The Medicare component remains 1.45% of all earnings, and individuals with earned income of more than $200,000 ($250,000 for married couples filing jointly, $125,000 for married filing separately) will pay an additional 0.9% in Medicare taxes.
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The rapidly growing prospect of a viable vaccine against COVID-19 will cause some employers to rethink their current work-from-home policies. When the pandemic is over, will you ask your at-home workforce to return to your regular worksite? Should you? And if so, under what terms? It’s not too soon to consider the issue. Here’s some perspective on the topic.
The number of common scams plaguing us has grown exponentially over the years. No longer are most scams limited to those urgent messages from bogus exiled royalty in faraway lands, asking you to hide their fortunes in your bank account. Most of us now know that the purpose of those messages wasn’t to protect their wealth but to lay a trap for stealing yours. Today, scams have grown more sophisticated and bold. Here are tips you can use to arm yourself against becoming the next scam victim.
Open enrollment for benefits has long been a stressful time for human resources departments, and uncertainty and disruption for employees. By far the majority of HR professionals say online enrollment has helped the process roll out more smoothly. This article describes the advantages of allowing participants to enroll online.
If you’re looking for your first home or thinking about adding on to your current house, then take the time to consider the many expenses of home ownership outside of the usual mortgage, property taxes, and homeowners insurance. It may not be the first thing to come to mind, but getting a realistic handle on the many costs of home ownership are key to keeping your budget and savings on target.