400 Meridian Street, Suite 201
Huntsville, AL 35801
256-539-8002
 |
 |
 |
 |
 |
 |
 |
 |
 |
Social Security Changes
By Derek Morgan
For all of the Social Security recipients out there, good news is on the horizon. For the first time in the last two years, the Social Security Administration has approved an approximate 3.5% raise for all recipients of Social Security. Unfortunately, for those with jobs, this means a raise in the related Social Security tax base. Effective for 2012, the Internal Revenue Service has already announced that the wages Social Security tax is collected on will rise from $106,800 to $110,100 in 2012. The service has also announced that the new threshold for FICA coverage for domestic employees will rise to $1,800 in 2012 as well.
Unfortunately, it is impossible to give comprehensive tax and accounting advice over the internet, no matter how well researched or written. Before relying on any information provided here, contact a tax or accounting professional to discuss your particular situation.