On September 6, 2024, the IRS announced, in Revenue Procedure 2024-35, that the Affordable Care Act (ACA) affordability threshold will be 9.02%, increased from 8.39% in 2024, for plan years beginning in calendar year 2025 (after December 31, 2024). Under the ACA’s...
Taxes
The Secure 2.0 Act and Form W-2
The Secure 2.0 Act allows for features in employer retirement plans to encourage their use. The changes are designed to encourage employees to contribute to 401(k) or 403(b) plans, allowing you to offer small financial incentives to employees. If employers use a...
2025 OASDI tax and earnings base increases to $176,100; COLA is 2.5%
Social Security beneficiaries will see an increase in their monthly checks in 2025—2.5%. This cost-of-living adjustment, or COLA, will produce an estimated average monthly benefit of $1,976 for all retired workers in 2025, $49 a month more than in 2024. The COLA...