The Social Security Administration has announced that the wage base for computing the Social Security tax (OASDI) in 2015 will increase to $118,500 from $117,000, which was the wage base for 2014. The $1,500 increase, which is about 1.3%, is due to an increase in average total wages. The Federal Insurance Contributions Act (FICA) imposes two taxes on employers, employees, and self-employed workers — one for Old Age, Survivors and Disability Insurance (OASDI; commonly known as

Today we will continue to address the requirement that individuals maintain health insurance, specifically the meaning of the term “minimum essential coverage.” For purposes of the requirement that “applicable individuals” will have to maintain “minimum essential coverage” after 2013, the term “minimum essential coverage” will mean coverage under any of the following: Medicare program under Part A of Title XVIII of the Social Security Act Medicaid program under Title XIX of t

Due to several recent client inquiries, today we are going to revisit the topic regarding increased hospital insurance tax (Medicare tax). This tax was a result of health care reform legislation. It affects high income earners and the employers of those same individuals. For tax years beginning after December 31, 2012, an additional 0.9% Medicare tax applies to wages received with respect to employment in excess of: $250,000 for joint returns; $125,000 for married taxpayers