Tag: Social Security
Social Security wage base, COLA set for 2024
Seniors got some welcome news this week, when the Social Security Administration (SSA) announced a cost-of-living adjustment (COLA) of 3.2% for both Social Security and Supplemental Security Income (SSI) benefits beginning in January 2024. COLA, which is based on the consumer...
Tax issues when operating a business as a married couple
Operating one's own business offers the advantage of employing family members, but it's important to understand the specific employment tax requirements that apply to family employees, which can differ from those for other employees. Here are key considerations outlined by...
New year is good time to review basic rules surrounding Forms 1099-MISC and W-9
January marks the annual period when most businesses complete Forms 1099-MISC, prompting a review of essential details about this standard reporting process. Generally, payments exceeding $600 made in the course of business to a non-corporate entity or individual must be...
Getting retirement benefits abroad: What you need to know
If you plan on retiring overseas, it may still be possible to receive your retirement benefits while living abroad. Here's what the Social Security website advises: If you’ve worked in both the United States and another country, it may be possible...