The Tables Below Reflect The Latest Irs Information: Will There Be A Cost Of Living Adjustment (Cola) Increase

2 comments2016IRS Tax Brackets, standard deductions and personal exemptions. Federal income tax brackets and related tax items are adjusted annually, under the tax code, to provide for mandatory adjustments depending on inflation. The tables below reflect the latest IRS information.

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Marketplace Health Insurance Plans Prices Rising Under Obamacare The main impact to tax payers might be an increase inearnings subject to the Social Security tax, that increase to 117000 in The SSA estimates that this will impact 8 or 10 million off the approximately 165 million workers who will pay Social Security taxes.

The social security tax rate above is the combined rate for Social Security and Medicare. For employees the employer pays half the social security tax, whereas for self employed they have to pay both the employee and employer components and hence the higher tax rate. On top of that, the social security tax rate above is the combined rate for Social Security and Medicare.

For employees the employer pays half the social security tax, whereas for self employed they have to pay both the employee and employer components and hence the higher tax rate.

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