Social Security Taxable Earnings Base And Tax Rates For 2016

Social Security payroll taxes are paid each year up to a maximum amount set by law when you have wages or self-employment income that is covered by Social Security. This continues even when a person receives monthly Social Security benefits. New earnings are automatically reviewed each year to see if they increase benefits. The best…
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Why Are Some Medicare Part B Premiums Based On Income?

Combining several recently received questions about 2016 Medicare Part B (Medical) premiums, today’s post is about 2016 premium amounts and explains why a small percentage of people pay a larger premium based on taxable income as shown on their tax returns. The Department of Health & Human Services, Centers for Medicare & Medicaid Services (CMS), administers…
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Medicare Premiums And Deductibles For 2016

The official Medicare website, www.medicare.gov, now has 2016 Medicare premiums and deductibles information. Medicare is administered by the Department of Health & Human Services, Centers for Medicare & Medicaid Services (CMS). The CMS press release announcing 2016 Medicare premiums and deductibles also contains this information. Here is part of that press release: Part B Premiums/Deductibles…
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Retirement Earnings Test Amounts For 2016

Q: Is the amount I can earn in 2016 before my Social Security retirement is reduced known yet? A: Yes. The 2016 amounts will be the same as for 2015. They are not changing. The annual retirement earnings test concerns how your own employment earnings in a year affect your Social Security in that year.…
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No 2016 Social Security Or SSI Cost-of-living Adjustment (COLA)

There will not be a 2016 Social Security or Supplemental Security Income cost-of-living adjustment (COLA). The following is from today’s Social Security press release. Law Does Not Provide for a Social Security Cost-of-Living Adjustment for 2016  With consumer prices down over the past year, monthly Social Security and Supplemental Security Income (SSI) benefits for nearly…
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