Today, Social Security and Medicare taxes are paid to entitle workers to receive retirement benefits and health coverage after a certain age. Additional Medicare taxes raise money to pay for the Patient Protection and Affordable Care Act (P.L. 112-148). These taxes apply in 2014; some rules have changed from 2013 while others have not. Overall, these taxes combine to raise the tax burden for everyone who works, but especially for high-income taxpayers who work and/or have investment income.
Overview
The Social Security Administration announced cost-of-living changes for 2014 (SSA Fact Sheet, Oct. 31, 2013; (http://ssa.gov/pressoffice/factsheets/colafacts2014.html). These changes affect individuals who are working, businesses and retirees. The wage base for workers and employers, as well as self-employed individuals, paying into the Social Security system has been increased by a mere 1.5 percent. Last year, the increase was 1.7 percent and in 2012 it was 3.6 percent.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
