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The Social Security Administration (SSA) recently announced that the "wage base" for computing Social Security tax will increase for 2024 to $168,600. This is up from $160,200 for 2023.
Entrepreneurs and others who work for themselves are often on the hook for significant federal self-employment (SE) tax, in addition to federal and state income taxes. Here are the answers to some common questions about this tax.
Artificial intelligence (AI) has been around for years. In November 2022, however, the technology became more broadly used by the general public with the advent of Chat Generative Pre-Trained Transformer (ChatGPT). This conversation bot uses AI to immediately respond to user prompts, simulating the…
Years ago, employers could exclude part-time employees — those who work less than 1,000 hours per year in the business — from participating in 401(k) plans. That was before the Setting Every Community Up for Retirement Enhancement (SECURE) Act became law in 2019. The old rules made life simpler for…
The Setting Every Community Up for Retirement Enhancement (SECURE) Act brought numerous changes to the retirement and estate planning landscape in late 2019. Congress followed up with the SECURE 2.0 Act in late 2022. This law introduced some additional taxpayer-friendly changes, including an…