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2019 O.A.S.D.I. Tax Under F.I.C.A.

 

The Social Security Administration has just announced the limit on wages that will be subject to O.A.S.D.I. (Old Age, Survivors and Disability Insurance) taxation under F.I.C.A. taxation of 6.2% for 2019.  That amount will be $132,900, up from $128,400 for 2018.  Accordingly, the maximum tax increases from $7,960.80 to $8,239.80.  And they say you can’t buy good government!

 

Mark H. Misselbeck, C.P.A., M.S.T. is a Tax Principal at Katz, Nannis + Solomon, P.C. If you have any questions or would like to speak with one of our tax professionals, please contact our office at 781-453-8700.

 
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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