According to the Social Security Administration, approximately 70 million Americans will see a 8.7% increase in their Social Security benefits and Supplemental Security Income (SSI) payments in 2023. On average, according to the SSA, Social Security benefits will increase by more than $140 per month...
The Social Security Administration reviews key numbers each year and usually makes adjustments. In a recent release, the SSA announced what is and is not changing for 2022. Here are the key changes: The maximum taxable earnings for the Social Security portion rises from $142,800 to $147,000....
If you are a member of the Clergy, you may have seen the phrase “Social Security Allowance” on your W-2 or it might be a part of your compensation package. But what does that mean exactly? To understand, we have to explain a difference between Clergy...
The IRS released Form 941 instructions and instructions to Schedule B for the second, third and fourth quarters of 2020 in late June. Several issues have now arisen with the deferral of the employer’s 6.2% share of Social Security taxes. Designating Deferrals Although employers can’t defer a deposit of Social Security taxes...