Key Takeaway: The Social Security Cap is the maximum amount of income subject to Social Security taxes. As of 2016, the cap is $118,500. Social Security taxes are calculated as a percentage of income, with both employees and employers contributing. The rate is currently 6.2% for both, with a total of 12.4% paid for those…
Image credits: retiregenz.com by James Washington Working for 35 Years Working for Social Security Benefits Social Security benefits require individuals to work and pay Social Security taxes for at least 35 years. Failing to do so may lead to reduced or delayed benefits. In addition, working fewer than 35 years may result in earning less…
Key Takeaway: Auto enrolment pension is a government program that automatically enrols eligible employees into a workplace pension scheme, with the aim to increase retirement savings If you wish to opt out of auto enrolment pension, the first step is to notify your employer within the designated timeframe and fill in the opt-out form While…
Key Takeaway: Understanding capital gains on investment property requires knowledge of the factors that affect them, such as the property purchase price, improvement costs, and selling price. Calculating capital gains involves determining the property’s basis, subtracting it from the selling price, and adjusting for closing costs to arrive at the taxable capital gain. To minimize…
Key Takeaway: Your Social Security Number (SSN) is an important identification number used in various financial transactions, including credit cards. The location of the SSN on credit cards varies by issuer. For American Express, it is typically located below the card number. For Discover, it is located on the back of the card next to…
Key Takeaway: The Social Security office in Wichita, KS is located at 3213 N. Cypress Street, Wichita, KS 67226. Contact information for the Social Security office in Wichita, KS can be found on their website or by calling 1-800-772-1213. The Social Security office in Wichita, KS provides services such as applying for Social Security benefits,…
Key Takeaway: A workplace pension is a retirement savings plan provided by an employer to help employees save for their retirement. It is a way of making sure that employees have a source of income during their retirement years. Eligibility and enrollment in a workplace pension plan varies based on factors such as age, length…
Key Takeaway: Recurring investment is a strategy of investing small amounts of money at regular intervals, which allows individuals to save and invest their money without straining their finances. Recurring investment provides a disciplined approach to investing, helping individuals achieve their financial goals in a cost-effective manner. It also offers the convenience of automation, as…
Key Takeaway: Social Security Disability began with the establishment of the Social Security program in 1935, but disability benefits were not included until amendments were made in 1950. To be eligible for Social Security Disability benefits, an individual must have a medical condition that meets the Social Security Administration’s definition of disability and have earned…
Key Takeaways: Present value of an investment refers to the current worth of a future sum of money, taking into account the time value of money. It is an important concept in finance as it helps in determining the value of an investment over time. Factors that affect present value calculation include the interest rate,…
Key Takeaway: Social Security tax rate for 2018 is 6.2% for employees and 12.4% for self-employed individuals. This tax funds Social Security benefits for retirees, disabled individuals, and families of deceased workers. Medicare tax rate for 2018 is 1.45% for employees and 2.9% for self-employed individuals. This tax funds healthcare benefits for seniors and disabled…
Key Takeaway: The Democratic Party moved Social Security to the General Fund: In 1960, President Kennedy and the Democratic Party passed legislation to move the Social Security trust fund to the federal budget’s general fund. This allowed Social Security to be used to offset the federal deficit. The Move had far-reaching implications on Social Security’s…