FL - Electronic filing of partnership information returns (Form F-1065) available
The Florida Department of Revenue has issued a tax information publication informing corporate income taxpayers that beginning January 1, 2022, […]
Read MoreFor 2023, the Social Security wage cap will be $160,200, and social security and Supplemental Security Income (SSI) benefits will increase by 8.7 percent. These changes reflect cost-of-living adjustments to account for inflation.
The Federal Insurance Contributions Act (FICA) tax on wages is 7.65 percent each for the employee and the employer. FICA tax has two components:
For self-employed workers, the Self-Employment tax is 15.3 percent, consisting of:
OASDI tax applies only up to a wage base, which includes most wages and self-employment income up to the annual wage cap.
For 2023, the wage base is $160,200. Thus, OASDI tax applies only to the taxpayer’s first $160,200 in wages or net earnings from self-employment. Taxpayers do not pay any OASDI tax on earnings that exceed $160,200.
There is no wage cap for Medicare tax.
For workers who earn $160,200 or more in 2023:
Higher-income workers may have to pay an Additional Medicare tax of 0.9 percent. This tax applies to wages and self-employment income that exceed:
The annual wage cap does not affect the Additional Medicare tax.
A cost-of-living adjustment (COLA) will increase social security and SSI benefits for 2023 by 8.7 percent. The COLA is intended to ensure that inflation does not erode the purchasing power of these benefits.
The Florida Department of Revenue has issued a tax information publication informing corporate income taxpayers that beginning January 1, 2022, […]
Read MoreIn his 2023 State of the State Address, Florida Gov. Ron DeSantis proposed to provide a permanent sales and use […]
Read MoreThe IRS has offered a checklist of reminders for taxpayers as they prepare to file their 2022 tax returns. Following […]
Read MoreThe IRS has reminded taxpayers that they must report all digital asset-related income when they file their 2022 federal income […]
Read MoreThe IRS has issued a guidance which sets forth a proposed revenue procedure that establishes the Service Industry Tip Compliance […]
Read MoreThe IRS has reminded taxpayers of their tax responsibilities, including if they’re required to file a tax return. Generally, most U.S. citizens and permanent […]
Read MoreFlorida Gov. Ron DeSantis, along with Senate President Kathleen Passidomo and House Speaker Paul Renner, have announced their intent to […]
Read MoreMonday, February 20, 2023, is a bank holiday, and as a result, taxpayers who electronically submit the January Florida sales […]
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