Social Security

2014 Social Security Changes After 1.5% COLA Increase

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With the Social Social Administration (SSA) announcing a 1.5 percent cost of living adjustment (COLA) for 2014 the following changes to your social security taxes and income will result. All changes will take effect in January 2014. The social security tax rate above is the combined rate for Social Security and Medicare. For employees the […]

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Will there be a 2015 SSI COLA increase?

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What will the 2015 SSI COLA increase be? That’s the question 60 million social security recipients will be asking later this year when the  Social Security Administration (SSA) has officially announces the COLA increase. Per the update below the 2014 COLA raise was 1.5%, but most experts are predicting a lower (or maybe no) increase this […]

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2013 Debt Ceiling Debate – Spending Cuts, Soaring Deficit, Tax Refund Delays and Political Theatrics

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As I was writing this article I re-read my original pieces on the 2011 debt ceiling debate/deal and got a major sense of deja-vu. After 18 months we are back in the same place with a dysfunctional Congress, who barely passed legislation to avert the fiscal cliff, trying to reach a new deal to keep the nation from the edge of […]

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2013 Average Monthly Social Security Benefits Change With COLA Increase

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The Social Security Administration (SSA) confirmed that the 2013 COLA increase will be 1.7%. This means that nearly 62 million Americans will see their benefit payments increase in January 2013, with the average retiree receiving a $21 increase.  As detailed in the table below, retired couples will see a $34 increase with disabled workers receiving a $19 increase on […]

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COLA Increase Provides a Raise for Social Security Income and Benefits to Federal and Military Retirees

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[2014 COLA Increase Update]  The Congressional Budget Office has forecast a 1.5% COLA raise based on preliminary data. This is 0.2% less than the 2013 increase discussed below. For more see this article on the 2014 COLA increase. _______ [2013 COLA Increase] It’s official, the 2013 COLA rate will be 1.7%. The Social Security administration […]

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How Our Tax Dollars Are Spent by The Government

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Ever wondered where all our federal tax dollars go? I did and a recent report from the center on budget priorities and policies (CBPP) provided a very nice graphic on how federal tax dollars are distributed. With all the political rhetoric that abounds around the national debt, excessive federal spending and the uncertain future of […]

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2012 Social Security and Medicare: Tax Rate and Maximum Taxable Earnings

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Most people who work or are self-employed are subject to Social Security taxes. This is true, regardless of age. Employers are also subject to Social Security taxes for their employees. If you are self-employed, and your business’ net profit is greater than $400, you must also pay Social Security (and Medicare) taxes. Self employed workers have […]

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Super Committee Fails to Reach Debt Deal – Automatic Triggers To Cut Defense and Discretionary Spending

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[Latest Update]  As many had predicted, the debt Super Committee has failed to come up with a deficit reduction plan. Basically the not-so-super members failed to get past party line bickering and will now face the prospect of justifying to an angry public why they could not compromise. Further, the automatic triggers to cut defense […]

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Rick Perry’s Cut, Balance and Grow Plan – Tax and Spending Reform To Restore America’s Economic Future

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After covering Hermain Cain’s 999 tax plan, I thought I would look at Rick Perry’s recently released “Cut, Balance and Grow Plan” discussed in his recent WSJ op-ed piece. Here are highlights from his Cut, Balance and Grow (CBG) plan: – Personal Tax Reform: Americans will have a choice between a new, flat tax rate […]

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Why the 3.6% 2012 COLA Increase Will Result in a Tax Hike For Over 10 Million American Workers

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With the announcement of a 3.6% COLA (cost-of-living-adjustment) increase, many social security recipients were cheering. After two years without a COLA increase for their benefits, this much needed boost was a ray of sunshine to over 60 million retirees. However, the picture is not so great for the 160 million workers in America who are […]

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