Beginning in 2014 the Patient Protection & Affordable Care Act (the health care legislation sometimes known as Obama Care) will impose the new requirement that U.S.persons, with certain exceptions, have minimal, essential health care insurance. A minimum essential health care policy is one in which the insurer pays 60% of the average medical expenses incurred by an average … [Read more...] about Mandatory Health Insurance Will Begin in 2014
Columbia
Ready For a Take-Home Pay Cut?
For two years, employees have enjoyed a 2% reduction in the FICA payroll tax. That will all come to an abrupt end beginning with their first payroll check in 2013 when the FICA rate returns to 6.2% (up from 4.2% in 2011 and 2012). Self-employed individuals will have a corresponding increase in their SE tax. The maximum wage subject to the FICA tax in 2013 is $113,700 (up from … [Read more...] about Ready For a Take-Home Pay Cut?