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How to Make the Most Out of Your FSA at Year-End | Maryland Benefit Advisors

As 2017 comes to a close, it’s time to act on the money sitting in your Flexible Spending/Savings Account (FSA). Unlike a Health Savings Account or HSA, pre-taxed funds contributed to an FSA are lost at the end of the year if an employee doesn’t use them, and an employer doesn’t adopt a carryover policy.  It’s to your advantage to review the various ways you can make the most out of your FSA by year-end.

Book Those Appointments

One of the first things you should do is get those remaining appointments booked for the year. Most medical/dental/vision facilities book out a couple of months in advance, so it’s key to get in now to use up those funds.

 

Look for FSA-Approved Everyday Health Care Products

Many drugstores will often advertise FSA-approved products in their pharmacy area, within a flyer, or on their website. These products are usually tagged as “FSA approved”. Many of these products include items that monitor health and wellness – like blood pressure and diabetic monitors – to everyday healthcare products like children’s OTC meds, bandages, contact solution, and certain personal care items. If you need to use the funds up before the end of the year, it’s time to take a trip to your local drugstore and stock up on these items.

Know What’s Considered FSA-Eligible

Over the last several years, the IRS has loosened the guidelines on what is considered eligible under a FSA as more people became concerned about losing the money they put into these plans. There are many items that are considered FSA-eligible as long as a prescription or a doctor’s note is provided or kept on file. Here are a few to consider:

Acupuncture. Those who suffer from chronic neck or back pain, infertility, depression/anxiety, migraines or any other chronic illness or condition, Eastern medicine may be the way to go. Not only are treatments relatively inexpensive, but this 3,000 year old practice is recognized by the U.S. National Institute of Health and is an eligible FSA expense.

Dental/Vision Procedures. Dental treatment can be expensive—think orthodontia and implants. While many employers may offer some coverage, it’s a given there will be out-of-pocket costs you’ll incur. And, eye care plans won’t cover the cost of LASIK, but your FSA will. So, if you’ve been wanting to correct your vision without the aid of glasses or contacts, or your needing to get that child braces, using those FSA funds is the way to go.

Health-boosting Supplements. While you cannot just walk into any health shop and pick up performance-enhancing powder or supplements and pay with your FSA card, your doctor may approve certain supplements and alternative options if they deem it to benefit your health and well-being. A signed doctor’s note will make these an FSA-eligible expense.

Smoking-cessation and Weight-Loss Programs. If your doctor approves you for one of these programs with a doctor’s note deeming it’s medically necessary to maintain your health, certain program costs can be reimbursed under an FSA.

 

Talk to Your HR Department

When the IRS loosened guidelines a few years ago, they also made it possible for participants to carry over $500 to the next year. Ask Human Resources if your employer offers this, or if they provide a grace period (March 15 of the following year) to turn in receipts and use up funds. Employers can only adopt one of these two policies though.

Plan for the Coming Year

Analyze the out-of-pocket expenses you incurred this year and make the necessary adjustments to allocate what you believe you’ll need for the coming year. Take advantage of the slightly higher contribution limit for 2018.  If your company offers a FSA that covers dependent care, familiarize yourself with those eligible expenses and research whether it would be to your advantage to contribute to as well.

 

Flexible Spending/Saving Accounts can be a great employee benefit offering tax advantages for employees that have a high-deductible plan or use a lot of medical. As a participant, using the strategies listed above will help you make the most out of your FSA.

 

How to Add a Spouse to Health Insurance | Maryland Benefit Advisors

Adding a spouse to your existing health insurance policy can become necessary after marriage, job loss, or change of employment. Typically, changes to a policy may be made only once a year during a period typically known as “open enrollment.” According to the National Association of Insurance Commissioners, changes may be made at any point in the year after certain life events, such as marriage. Adding a spouse is a simple procedure, though exact regulations may vary between insurance companies.

Step 1

Call your insurance company to determine if your situation allows your spouse to be added immediately, or if you have to wait for the next open enrollment. Inquire about the dates for open enrollment, if it is determined you are not eligible to add your spouse immediately. If open enrollment is months away, consider purchasing an individual policy, or utilizing Cobra if applicable, to avoid gaps in coverage. Issues with pre-existing conditions can arise when a lapse in coverage has occurred.

Step 2

Request that your spouse be added to your policy immediately if allowed by your insurance company. Depending on your particular company and policy, this may be done over the phone, or you may be required to submit paperwork. Information typically required includes your spouse’s name, date of birth and social security number. Be sure to verify whether your spouse will be subject to a waiting period, typically 30 days as described by Financial Web.

Step 3

Ask about likely rate increases resulting from adding your spouse to your policy. Policies purchased through an employer may be paid for out of payroll deductions. Keep in mind that your paychecks will now reflect this change. Also, inquire if your deductible is subject to change now that your spouse has been added.

Step 4

Keep all insurance documents sent to you after adding your spouse to your existing policy. You should receive confirmation of the change, as well as a card or other form of proof that your spouse is now covered under your policy. If you do not receive these documents within two weeks of requesting the addition to your policy, call your insurance company to make sure that they have been mailed out.

By  Amber Canaan

Originally posted by www.LiveStrong.com

The Effects of Not Having Health Insurance on Personal Finances | Maryland Benefit Advisors

Insurance has become the method by which most Americans have their health-care costs paid. By paying a regular monthly bill for health insurance, the cost of expected health care events is spread out into even payments and the cost of major unexpected medical incidents is absorbed by insurance. Lack of health insurance can have a profound negative effect on personal finances.

Bankruptcy

Lack of health insurance can come about due to lack of income to pay for it, or when a breadwinner is between jobs that would otherwise provide health insurance as an employment benefit. If a major illness or accident occurs during the time a person is uninsured, it can lead swiftly to bankruptcy, reports the Oregon Public Broadcasting News. Under-insurance, that is, health insurance which is not sufficient to cover the costs of a major health incident, can also lead to bankruptcy. A study published by the American Journal of Medicine in August 2009, reported that well over 60 percent of U.S. bankruptcies filed. in 2007 were due to inability to pay medical costs. Most of these debtors had medical debts over $5,000, which represented a significant portion of their household annual income; three-quarters had health insurance insufficient to cover their bills, and one-quarter had no insurance.

Reduction in Income

Lack of health insurance can lead to a breadwinner's death, further causing the most severe reduction on household income. According to a Harvard Medical School study reported by Reuters news, about 45,000 people in the United States die each year due to lack of health insurance. Thus, people who could otherwise serve as breadwinners or care-givers are removed from being able to do so. The Urban Institute points out that people lacking health insurance create the significant economic impact of reduced personal earnings, because poorer health means less productive work years and more time off work due to illness or injuries during those working years.

Penalties

Beginning January 1, 2014, most people will be required to maintain health insurance, and individuals who do not obtain health insurance will have to pay a penalty under the federal Patient Protection and Affordable Care Act of 2010. The insurance requirement penalty provision exempts people with income below the poverty level, as well as those in jail, members of registered Indian tribes, those whose religious tenets preclude health insurance, and individuals for whom essential health insurance coverage cost for one month would exceed 8 percent of their household gross income for the year. People who do not meet one of these exemptions, but who decline to purchase health insurance, may be penalized up to $95 in 2014, $350 in 2015, $750 in 2016, and $750 plus a cost of living increase for subsequent years. According to SmartMoney, the penalty provision is likely to have the strongest impact on the personal finances of younger, unmarried consumers. Although the statute exempts the poorest people from its provisions, the penalty for failure to have health insurance will negatively impact the personal finances of those to whom it applies.

Originally published by www.livestrong.com

3 Questions to Ask When It Comes to Life Insurance | Maryland Benefit Consultants

Your life insurance needs will ebb and flow throughout your lifetime. Buying a term policy early in your career or taking a basic employer-issued life insurance policy is a common course of action.

However, deciding how much and what type of life insurance you need at each stage of your life will serve you and your loved ones much better.

One simple thing to keep in mind throughout this process is that the more responsibility you have, the more life insurance you need. Here are a few questions to consider:

1. Who depends on me?
Of course, if you have children, a term life insurance policy that is large enough to pay off your home and debts with some money left over to support your family while your spouse or partner grieves and recalibrates the new financial situation is the option that gives everyone peace of mind.

Many times, it’s easy to overlook the other people who depend on you. The care of elderly parents or grandparents, siblings, or people in your family with special needs should also be considered carefully when deciding how much basic life insurance to buy. You can also get a working idea of how much you might need with this Life Insurance Needs Calculator.

2. How much insurance can I afford?
A term life insurance policy that covers the care of your loved ones in the event of your untimely death is an inexpensive option, if you are under 40 and in reasonably good health.

Permanent life insurance insurance is worth researching if you know you have a permanent need for life insurance, such as caring for a special needs child or sibling. It also makes sense if you’d like certain benefits beyond a guaranteed death benefit for your loved ones, like premiums that do not increase with age or changing health conditions, and a cash value that you can borrow against.

If you can afford the additional premium amount and expect your financial situation and income to remain stable long-term, whole life insurance policies offer living benefits that may outweigh the temporary pain of higher premiums.

3. How healthy am I?
People in great health who have only a little bit of wiggle room in their monthly budget may want to consider a combination of term and permanent life insurance coverage.

Your clean bill of health will keep premiums for both types of insurance lower than if you have major health issues. If you have a term life insurance policy but want more coverage, adding a permanent policy to the mix may be the ideal answer.

By adding a permanent policy with a cash-value element to your portfolio, you also open a world of options that could help add to your nest egg in retirement, start a business, or pursue a second career, among other benefits.

It is possible to have multiple policies and customize your life insurance to your changing wants and needs. Choosing a policy or combination of policies that gives you and your family the greatest potential benefit may seem tricky. So, simplifying the process by asking these three questions will set you on the right track.

By Peter Colis
Originally published by www.thinkhr.com

Long-Awaited Repeal and Replacement Plan for ACA Unveiled | Maryland Benefit Advisors

On March 6, 2017, the U.S. House of Representatives Ways and Means Committee released a proposed budget reconciliation bill, entitled the American Health Care Act, to replace portions of the Affordable Care Act (ACA). If enacted, the American Health Care Act would provide some relief from provisions of the ACA for employers and make other significant changes to employee benefits. While the proposal is 53 pages long and covers a range of tax and benefit changes, below is a summary of key provisions impacting employers and employee benefits.

Employer and Individual Mandates

The proposal effectively eliminates the employer and individual mandate by zeroing out penalties for an employer’s failure to offer, and an individual’s failure to obtain, minimum essential coverage retroactive to January 1, 2016.

Health Care Related Taxes

The proposal extends the applicable date for the “Cadillac tax” from 2020 to 2025 and repeals the medical device tax, over the counter medication tax, indoor tanning sales tax, and Medicare hospital insurance surtax beginning in 2018.

Reporting Requirements

Because the proposal is through a budget reconciliation process, employer reporting requirements for reporting offers of coverage on employees’ W-2s cannot be repealed; however, the proposal creates a simplified process for employers to report this information that, according to the House Ways and Means Committee’s section-by-section summary, makes the current reporting redundant and allows the  Secretary of the Treasury to cease enforcing reporting that is not needed for taxable purposes.

Contribution Limits

Additionally, the proposal eliminates the cap on contributions to flexible spending accounts (FSAs) and almost doubles the maximum allowable contributions to health savings accounts (HSAs) by allowing contributions of $6,550 for individuals and $13,100 for families beginning in 2018. This aligns the HSA contribution amount with the sum of the annual deductible and out-of-pocket cost expenses permitted under a high deductible health plan. The proposal also allows both spouses to make catch-up contributions to one HSA beginning in 2018.

Patient Protection Provisions

Finally, the proposal retains some key patient protection provisions of the ACA by continuing to prohibit insurers from excluding individuals with pre-existing conditions from obtaining or paying more for coverage and continuing to allow children to stay on their parent’s plan to age 26.

What Employers Should Know Now

We are still in the first round of the new government’s strategy to repeal and replace the ACA. The Congressional Budget Office will next review and score the plan before it goes back to the House and the Senate for full votes before making it to President Trump’s desk for approval. This will take time.

In the interim, the provisions of the ACA still apply. While applicable large employers may not be assessed penalties for failing to offer minimum essential coverage to employees if the proposal is eventually enacted, please note that employers are still obligated to report offers of coverage and should finalize their ACA reporting for the 2016 tax year if they have not completed their e-filing with the IRS (due March 31, 2017).

By Nicole Quinn-Gato, JD
Originally published by www.thinkhr.com

 

Juvenile Life Insurance: The Whys and Hows | Maryland Benefit Advisors

As a parent, perhaps you’ve been able to check the critical financial boxes for your family. You’ve established emergency funds, secured life and disability insurance, and are on track with your retirement goals. You may wonder, is there anything else I could be doing to help my children?

This can be the time for parents and even grandparents to consider juvenile life insurance. It’s an often-misunderstood type of life insurance that provides protection for your children or grandchildren.

For some, the topic of juvenile life insurance evokes confusion and perhaps even fear. After all, why would one want to insure a perfectly healthy child?

Thankfully, the loss of a child is extremely rare. So while a juvenile life insurance policy does indeed insure against this very slim risk, some types of coverage are also designed to protect your child’s financial future—in a way no other financial product can.

3 types of juvenile life insurance

1) Juvenile permanent life insurance. This type of coverage is permanent, as long as premiums are paid, and typically accumulates cash value over the years, just like with permanent life insurance for adults. Juvenile policies are generally issued at the lowest rates available, and with limited underwriting. They’re owned by a parent or grandparent until the child is 18, at which point the now-adult insured (even if he’s still just a child in his parents’ eyes) can assume ownership.

Upon ownership, the insured adult child enjoys some distinct benefits:

Guaranteed insurability. Your daughter or son locks in a low rate and continued coverage—and can generally purchase more life insurance up to allowable limits. This may be the most compelling reason parents buy juvenile life insurance. Insurability is easy to take for granted when you have it. While most children are healthy, a future health concern could one day make your son or daughter hard to insure. This affects their entire family, who must find other ways to protect against financial vulnerability.

Cash value. The policy’s cash value grows tax-deferred over time, making it a reliable savings vehicle with some unique characteristics. If the cash is needed, the policyowner can access it through low-interest policy loans or outright withdrawals. The policy can also be surrendered for the cash value, typically minus a surrender fee.

2) Juvenile term life insurance. In contrast to juvenile permanent life insurance, juvenile term offers parents significantly less expensive coverage. However, term life insurance does not have a cash value, and only lasts for a specific length of time, such as 10, 20 or 30 years. Policyowners pay a level premium during the length of the term, at which point the term expires and coverage becomes more expensive, often significantly so.

Juvenile term coverage is typically available as a rider (basically, a coverage option) on a parent’s term policy. This rider typically lasts until your child reaches adulthood. You can often purchase coverage for all your children for the same price, with a single rider. In the event of the unexpected death of an insured, the policy’s death benefit can be used to cover expenses.

3) Juvenile group life insurance. Finally, some employers offer juvenile life insurance options through their group life insurance coverage. While convenient, keep in mind employee benefit programs can change at any time, and that in general, group life insurance can be hard or impossible to take with you if you leave your employer.

Remember, while you may have a lot of other priorities on your plate, juvenile life insurance can help create a bedrock of financial stability for your children as they come of age in an uncertain world.

By Erica Oh Nataren
Originally published by www.lifehappens.org

 

6 Reasons People Don’t Buy Life Insurance (and Why They’re Wrong) | Maryland Benefit Advisors

Let’s face it. Most people put off buying life insurance for any number of reasons—if they even understand it Take a look at this list—do any of them sound like you?

1. It’s too expensive. In the ever-burgeoning budget of a young family, things like day care and car payments and possibly student loans eat up a good chunk of the money each month, and a lot of people think that life insurance is just outside those “necessities” when money’s tight. But two things: life insurance is often not nearly as expensive as you might think, especially when you can get a good policy for less than the cost of a daily cup of coffee at the local café, and well, if money’s tight now, what if something happens to you?

2. That’s that stuff for babies and old people, right? People of a certain age remember Ed McMahon telling them their grandparents couldn’t be turned down for any reason and figure that’s the target demographic for life insurance. Or, you might have been offered a small permanent insurance policy for your newborn, attractively presented with a cherubic infant on the envelope. The truth of the matter is that these are very specific insurance products—just as there are many insurance products for adults in their working years.

3. I’m strong and healthy! You eat right, you stay active, and everyone admires how grounded and centered you are. You passed your last physical with flying colors! That’s GREAT! But you’re neither immortal nor indestructible. It’s not even that something could happen to you – though it could – so much as when you’re at your strongest and healthiest, there’s no better time to get a policy to protect your loved ones. If you fall seriously ill or suffer significant injury later, it will make it tougher to get that kind of policy, if any at all.

4. I have life insurance through my job. Many people are offered life insurance as part of their employee benefit coverage –and often, it’s the first time they encounter life insurance and have no idea that a $50,000 policy, or one or two times their salary, isn’t as much as they think it is. It sounds like a lot of money, until you figure that it has to cover some or all the expenses for your loved ones in your absence. Plus, if you leave the job, it’s typically the type of insurance that doesn’t “move on” with you.

5. I don’t have kids. Sure, kids are a big reason why some people get life insurance. But that’s not the only litmus for needing protection. If there is anyone in your life who would suffer financially from your loss—your spouse or live-in partner, a sibling, even your parents—a life insurance policy goes a long way in making sure everyone’s still OK even if something happens to you.

6. Life insurance—it’s on my list … eventually. There’s no deadline on life insurance, no mandate from the government on purchasing it. Your parents may have never talked to you about its importance, and it’s certainly not the most invigorating topic for conversation. But don’t let your “eventually” turn into your loved ones’ “if only.”

By Helen Mosher
Originally published by www.lifehappens.org

Rules for FSA & HSA Accounts | Maryland Employee Benefits

SONY DSC

Overview

According to the Internal Revenue Service (IRS), no permission or authorization to set up either an FSA or HSA account is required. Both accounts are intended to help provide you with financial assistance regarding medical care costs. An FSA (flexible spending account) is set up by your employer. An HSA (health savings account) is held by an independent trustee. Both have IRS-regulated rules that need to be followed.

Health Care Coverage

There are certain eligibility rules you must meet in order to participate in either an FSA or HSA account. According to the IRS, there are no requirements or rules that you be “covered under any other health care plans” in order to participate in an FSA. If you are a key employee of the firm, however, you may face stricter limitations on participating. Or, if you are highly compensated by the firm, you may also face special limitations.
As far as participation in an HSA account is concerned, you must be enrolled in what is termed an HDHP (Higher Deductible Health Plan) that has a “higher annual deductible than typical health plans” in order to be eligible.

Employment Requirements

Under an FSA account, you will be disqualified for eligibility if you are self-employed in any capacity. You must be an employee of the firm. You can be self-employed and be considered eligible for an HSA account.

Health Care Benefits

There are no stipulations on the types of additional health insurance benefits you are allowed while participating in an FSA account, according to the IRS. However, if you are involved in an HSA account, you can receive additional health care benefits only in certain situations. These situations include a fixed daily hospitalization amount, a specific illness or disease, tort liabilities and liabilities you incur that fall under applicable workers’ compensation laws.

Medicare Benefits

According to the IRS, in order to be eligible for participation in an HSA account, you cannot be receiving Medicare benefits. There is no such rule in place for participating in an FSA program, since it is an employer-related plan. (Individuals receiving Medicare are usually of retirement age.)

Deductible Medicare Expenses

Under both an FSA and HSA plan, the rules and definition of what qualifies as medical expenses are the same. These expenses are outlined in IRS Publication 502 (Medical and Dental Expenses). You cannot deduct qualified medical expenses as an itemized deduction on Schedule A (Form 1040) that are equal to the distribution you receive from the FSA. Some allowable expenses include weight-loss programs, making your home handicapped accessible, and special foods. Be certain you have written documentation, states the IRS.

Both an FSA and an HSA account allow for prescription drug coverage. The IRS states, however, that you need to meet your minimum annual deductible amount under your HSA account before you can receive the prescription coverage benefits. An FSA account has no such rule in effect.

Originally published by Livestrong – Read More

Here’s What You Need to Know About a Long-Term Care Insurance Policy | Maryland Employee Benefits

Portrait of a mature couple

So you’ve made the decision to learn more about long-term care insurance. That’s smart, as neither health insurance nor Medicare would pay for extended long-term care services in the event that you needed them in the future. Plus, there’s about a 70% chance you’ll need some type of long-term care after age 65, according to government stats. And given that the cost of long-term care can quickly deplete your life’s savings, it just makes sense to add it your financial plan.

When you prepare for any upcoming investment or purchase, you probably run into some unfamiliar language or terminology in your research, which can be frustrating and downright confusing.

Searching for a long-term care insurance policy is no different. A long-term care insurance policy describes coverage under the policy, exclusions and limitations—and can be laden with industry jargon. Here’s a breakdown of the fundamentals:

There are four primary components that determine your long-term care benefits and influence your monthly cost.

1. How much. This is the total maximum benefit available under any policy. There are many maximums to choose from, ranging from $100,000 to $250,000, $500,000 or more. Benefits are available until you have received your maximum benefit in total.

2. How fast. This is the monthly limit you can access from your total maximum benefit. Insurance companies do not pay out your “how much” in a single lump sum. Rather, you access your benefits in smaller amounts on a monthly basis up to a predetermined monthly maximum.

Depending on the carrier you choose, your monthly maximum could range from $1,500 to $10,000 a month. The “how much” and “how fast” components work together to determine how long your coverage will last. If your monthly maximum (“how fast”) is $5,000 and your total policy maximum (“how much”) is $250,000, it would take 50 months (four years, two months) before your exhaust your policy benefits. If you needed $2,000 a month to pay for home care, as an example, it could take more than 10 years to exhaust a $250,000 policy. The greater your “how much” and “how fast,” are the higher your premium will be.

3. Growth rate. This determines how your benefit grows over time. The most common growth rate today is 3%. If your policy started with $176,000 in your “how much” and $4,500 in your “how fast,” a 3% annual growth rate would double your benefits in 24 years to $352,000 total maximum benefit and $9,000 monthly maximum respectively.
You also have the option of choosing a growth rate other than 3% or to increase your maximums upfront and forgo a growth rate all together. A specialist can help you identify the growth rate that best suits your goals and budget.

4. Deductible. Long-term care insurance has an elimination period that, like a deductible, determines how much you may have to pay out of your pocket before benefits are paid. One distinction to note is that an elimination period is stated in days, not dollars. The most commonly selected elimination period is 90 days. This typically means that you must receive 90 days of care that you pay for out of your pocket before benefits are available.

Not that difficult when put simply, right? I hope you feel better prepared in your search for the right policy and that I have also remove some of the confusion. long-term care insurance is here to help you live the lifestyle you want 10, 20, even 30 years down the road.

 

Originally published by LifeHappens – Read More

IRS Announces 2017 Retirement Plan Contribution Limits | Maryland Employee Benefits

US Currency: Wads of US bills fastened with rubber bands, close-up

On October 27, 2016, the Internal Revenue Service (IRS) released Notice 2016-62 announcing cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2017. Many pension plan limitations will not change in 2017 because the increase in the cost-of-living index did not meet the statutory thresholds that trigger their adjustment. Some items, though, will see minor increases. The following is a summary of the limits for 2017.

For 401(k), 403(b), and most 457 plans and the federal government’s Thrift Savings Plans:

  • The elective deferral (contribution) limit remains unchanged at $18,000 for 2017.
  • The catch-up contribution limit for employees aged 50 and over who participate in these plans remains at $6,000 for 2017.

For individual retirement arrangements (IRAs):

  • The limit on annual contributions remains unchanged at $5,500 for 2017.
  • The additional catch-up contribution limit for individuals aged 50 and over is not subject to an annual cost-of-living adjustment and remains $1,000 for 2017.

For simplified employee pension (SEP) IRAs and individual/solo 401(k) plans:

  • Elective deferrals increase to $54,000 for 2017, based on an annual compensation limit of $270,000 (up from the 2016 amounts of $53,000 and $265,000).
  • The minimum compensation that may be required for participation in a SEP remains unchanged at $600 for 2017.

For savings incentive match plan for employees (SIMPLE) IRAs:

  • The contribution limit on SIMPLE IRA retirement accounts remains unchanged at $12,500 for 2017.
  • The SIMPLE catch-up limit remains unchanged at $3,000 for 2017.

For defined benefit plans:

  • The basic limitation on the annual benefits under a defined benefit plan is increased to $215,000 for 2017 (from $210,000 for 2016).

Other changes:

  • Highly compensated and key employee thresholds:
    • The threshold for determining “highly compensated employees” remains unchanged at $120,000 for 2017.
    • The threshold for officers who are “key employees” in a top-heavy plan increases to $175,000 for 2017 (from $170,000 for 2016).
  • Social Security cost of living adjustment: In a separate announcement, the Social Security Administration stated that the taxable wage base will increase to $127,200 for 2017, an increase of $8,700 from the 2016 taxable wage base of $118,500. Thus, the maximum Social Security tax liability will increase for both employees and employers.

 

Originally published by ThinkHR – Read More