We are days away from making our calendar journey around the Sun. Are you ready for year-end? We at Mettise would like to provide a few updates regarding taxes and filing deadlines.
Wishing you all a very Happy New Year!
2018 Tax Bulletin
The 2018 social security wage (OASDI) base limit is $128,400.00 with a maximum of $7,960.80 in withholding. Medicare (HI) wages have no limit. For more information on OASDI and SSI click https://www.ssa.gov/policy/docs/quickfacts/prog_highlights/index.html
Click IRS’s Interactive Tax Assistant (ITA) at https://www.irs.gov/help/ita for information on:
- Federal wage base limits
- Retirement plan contribution limits
- Health Savings Account (HSA) and High Deductible Health Plan (HDHP) limits
- Affordable Care Act (ACA)
- Forms and Instructions
State and Local Earned Income Tax Credits Requirements
An Earned Income Tax Credit (EITC), is a benefit for working people who have low to moderate income. A tax credit means more money in some employees’ pockets. It reduces the amount of tax they owe and may also give them a refund. Some states/locals require employers to notify their employees that they may be eligible for the EITC. Ask your tax preparer for more information.
Other…
Please check in with your tax preparer regarding the new tax bill and how it will impact your business tax planning strategy.
State and Local Earned Income Tax Credits Requirements
An Earned Income Tax Credit (EITC), is a benefit for working people who have low to moderate income. A tax credit means more money in some employees’ pockets. It reduces the amount of tax they owe and may also give them a refund. Some states/locals require employers to notify their employees that they may be eligible for the EITC.
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