Category Archives: Tax

IRS Announces 2014 Roth IRA and 401K Contribution Limits

IRS made an announcement on October 31 that they will not be making any changes to the retirement account contribution limits in 2014.  This means maximum contribution pre-tax money you can add to your 401K account in 2014 will stay … Continue reading

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Learn the Facts About the ObamaCare Penalty

By now, every American has heard about ObamaCare, also known as Health Care Reform.  ObamaCare is a health care plan for the American that provides majority of citizen the access to health insurance that is most affordable.  The health insurance … Continue reading

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Social Security Tax FED OASDI Increases in 2014

First the good news.  The government recently announced they will increase the Social Security benefits by 1.5% in 2014 for those who are already collecting social security income.  The increase is slightly less than last year, which was 1.7%.  Comparing … Continue reading

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Understanding Tax Withholdings on Your Paycheck

Taxes can be frustrating when looking at your paycheck.  It is also the first place to turn your eyes to after checking your total take home amount from your paycheck.  Tax withholding can comprise of more than 30% of your … Continue reading

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Social Security (FED OASDI) Tax Impacting Your Paycheck in 2013

Have you checked your paycheck stub in 2013 yet?  If you have, then you already noticed that FED OASDI/EE, which stands for Old-Age, Survivors, and Disability Insurance/Employee’s Earning, under your tax deduction section went up significantly. 

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5 Reasons to File Your Tax Return Using TaxAct

One of my least favorite things to do is filing my tax return.  When the new year comes around, I start getting worried because of this.  Not only do I have to itemize everything including mortgage interests, property taxes, and … Continue reading

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