According to the Journal of Accountancy, “The Social Security Administration announced that the maximum amount of wages subject to the old age, survivors, and disability insurance (OASDI) tax will increase to $132,900 for 2019. The OASDI tax rate is 6.2% so an employee with wages up to or above the maximum in 2019 would pay $8,239.80 in tax and the employer would pay the equal amount.”
If you are 70½ or older, remember to take your required minimum distribution before December 31st, 2018. If you forget to take your required minimum distribution (RMD), before the end of the year, you could be hit with a 50 percent tax penalty on the amount of the distribution you should have taken.
CFO 4 Your Biz would like to thank all of the wonderful clients we have had during the 2018 year. We hope everyone has an enjoyable Thanksgiving and our office will be closed Thursday, November 22nd and Friday, November 23rd in observance of Thanksgiving.
As technology advances, it becomes easier to perform business services remotely. Hiring a part-time CFO & Accountant has never been easier for the business owner with the help from CFO 4 Your Biz. You get all the expertise, knowledge, and performance as you would with a part-time employee minus paying the additional taxes, benefits & overhead you would for a regular employee.