FEDERAL TAX POSTS FOR JUNE 7

The Social Security “wage base” could increase to $132,300 for 2019. The Social Security Administration’s Office of the Chief Actuary (OCA) is projecting that the wage base will increase from $128,400 for 2018 to $132,300 for 2019. The wage base is the maximum amount of earnings subject to Social Security tax. Although the OCA has just projected next year’s amount, the actual wage base will be announced in October. The OCA is also projecting that the Social Security trust fund will become insolvent in 2034.

The Social Security “wage base” could increase to $132,300 for 2019. The Social Security Administration’s Office of the Chief Actuary (OCA) is projecting that the wage base will increase from $128,400 for 2018 to $132,300 for 2019. The wage base is the maximum amount of earnings subject to Social Security tax. Although the OCA has just projected next year’s amount, the actual wage base will be announced in October. The OCA is also projecting that the Social Security trust fund will become insolvent in 2034.

More disaster victims in Indiana now qualify for tax relief. The IRS has announced that additional counties in Indiana have been designated as federal disaster areas, which qualify for individual assistance after severe storms and flooding that began on Feb. 14, 2018. Victims in Indiana now have more time to make tax payments and file returns if they’re affected taxpayers in counties that have been designated as federal disaster areas. Certain other time-sensitive acts also are postponed. For more information: https://bit.ly/2jKNhlj