It also can address income diminished by loss of wages as well as the impact of pain and suffering. Because compensatory damages make up for financial losses directly resulting from the incident, they are generally not subject to income tax. To be tax-exempt, however, the compensation must ...
100 will be increased to $1,103 per month. Of course, this is based on the maximum allowed payment per the SSA’s guidelines as it will vary from case to case based on income, both, earned and unearned and the number of eligible/ineligible children which will be exemplified in the ...
Some other adjustments that take effect in January of each year are based on the increase in average wages. Based on that increase, the maximum amount of earnings subject to the Social Security tax, otherwise known as taxable maximum, will increase to $168,600 from $160,200...
The Social Security payroll tax rate on covered wages and self-employment income is 12.40%, which is split equally between employees and employers, up to the taxable maximum of $118,500 in 2016 (self-employed individuals bear the full tax). Of the 12.4%, 10.03% is paid to the OASI trust...