Chances are, if you were to pull out your latest pay stub, you would see two important lines among the list of taxes taken out of your wages: FICA and MEDFICA. If you were to do the math, these two lines, standing for Federal Insurance...Show More Summary
Much is being made this political season over the stagnant incomes of middle-class workers and what can be done to improve their living standards. Solutions have ranged from more targeted tax cuts—such as “payroll tax cuts, family-friendly...Show More Summary
David Wessel: The three options chosen most frequently by people who have played to completion are a $25-a-ton carbon tax; eliminating tax breaks for oil, gas and coal; and lifting the ceiling on the Social Security payroll tax.
The Tax Policy Center has updated its estimate of the percentage of Americans who pay no federal individual income taxes. And the number is: 44...
The Tax Policy Center has updated its estimate of the percentage of Americans who pay no federal individual income taxes. And the number is: 44 percent—roughly what it was last year but well below the 50 percent peak during the Great Recession. TPC projects the fraction will decline slowly to 40 percent a decade from now. Of […]
Would you be willing to swap a new, broad-based consumption tax for your employer’s share of the Social Security and Medicare payroll tax? According to...
Would you be willing to swap a new, broad-based consumption tax for your employer’s share of the Social Security and Medicare payroll tax? According to a new paper by my colleagues Jim Nunns and Joe Rosenberg, it would be a good trade for all but the highest income taxpayers. Not [...]
It involves the retirement program's trust fund and what happens to its money, which comes from your payroll taxes
SAN FRANCISCO—San Francisco supervisors want to put a 1.5 percent payroll tax on November's ballot that would hit San Francisco-based tech companies to help address the city's housing shortage and chronic homelessness. The tax wouldShow More Summary
The measure would impose a 1.5 percent payroll tax of SF's tech companies. [ more › ]
City leaders estimate the tax could generate $120 million annually that would be earmarked to curb homelessness and the housing shortage in SF.
Driving yourself to an audit. A Tax Court case issued yesterday reminds us that claiming unrealistic vehicle expenses may attract IRS […]
JAW DROP: NYT WRITER UNSURE ‘IF’ HUGE PHILLY SODA TAX WILL BE PASSED ON TO CONSUMERS. Why, if only the desperately understaffed New York Times had a Nobel prize-winning economist on its payroll to fact check these sorts of stories…
In fiscal terms, there’s no earthly reason for Congress to be stingy with Social Security’s administrative budget. The money comes out of workers’ payroll taxes and the system’s other revenue, not from the general treasury. And it’s spent with painstaking care: The Social Security Administration...
The Federal Reserve's core guiding belief is that economic stimulus boosts economic growth, thus increasing employment opportunities, payrolls, tax revenues, corporate profits, retirement security and Wall Street wealth. In the context...Show More Summary
Social Security is a pay-as-you-go system, since payroll taxes collected from today’s workers mostly go to pay today’s retirees. But as the U.S.population ages, fewer young workers are paying into the system relative to rising numbers of ever-longer-lived retirees drawing benefits,according to this opinion piece by Olivia S. Mitchell, a [...]
Today is May 24, the date in 1937 when the Supreme Court upheld Social Security (and Social Security and unemployment insurance payroll taxes) in Helvering v. Davis and Steward Machine Co. v. Davis. In Helvering, the Court held 7 toShow More Summary
Half of Tax Court is showing up. I’ve never used a “life coach.” A Tax Court case issued yesterday doesn’t make me […]
Tax season might be over, but hackers are still stealing sensitive information from vulnerable companies.
Hackers managed to break through ADP’s firewalls and steel sensitive tax and salary information for employees at a dozen companies. ADP explained that fraudsters managed to siphon W-2 tax forms using a convenient online feature. The company won’t say when the cyber attack occurred or how many people had their income data exposed. Show More Summary