There are big moments in everyone’s life. A new birth is one of them. The irony is that most life events also have tax consequences attached to them.
FICA tax is a combination of a Social Security tax and a Medicare tax. The Social Security tax is assessed on wages up to $147,000; the Medicare tax is assessed on all wages.
The Social Security Administration announced a 5.9 percent boost to monthly Social Security and Supplemental Security Income (SSI) benefits for 2022. The increase is based on the rise in the Consumer Price Index over the past 12 months ending in September 2021.
If you’re age 35 or more and haven’t made a serious effort to plan for retirement, you need to start planning now for a comfortable retirement