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Do you pay Medicare insurance premiums or are you getting close to the age when you’ll become eligible for Medicare coverage? A recently enacted law made changes that will cause some upper-income people to pay higher premium surcharges in the future. This article explains...

January 15 Individual taxpayers’ final 2014 estimated tax payment is due unless Form 1040 is filed by February 2, 2015, and any tax due is paid with the return. February 2 Most employers must file Form 941 (“Employer’s Quarterly Federal Tax Return”) to report Medicare, Social...

The following table provides some important federal tax information for 2015, as compared with 2014. Some of the dollar amounts changed due to inflation. Other amounts changed due to legislation. Social Security/ Medicare 2015 2014 Social Security Tax Wage Base $118,500 $117,000...

The annual inflation adjustments have also impacted the various Social Security amounts and thresholds for 2015. The Social Security wage base, for computing the Social Security tax (OASDI only), increases to $118,500 in 2015, up from $117,000 for 2014. There is no taxable...

Businesses often prefer to treat workers as independent contractors to lower their costs and administrative burdens. But the IRS, the U.S. Department of Labor, various state agencies or even the employees themselves may challenge an employer’s classification. The U.S. Tax...