News you can use
Social Security Administration Announcement
The Social Security Administration (SSA) announced that the maximum amount of taxable earnings subject to Social Security tax for 2022 will be $147,000. Individuals who earn more than $200,000 ($250,000 for married couples filling jointly) will have to pay additional 0.9% in excess Medicare wages. The SSA also announced cost of living adjustment applicable to Social Security benefits payable in 2022 of 5.9%. Also if you are retired and receiving social security benefits the most you can earn before your social security begins to be reduced is $51,960. After that amount your social security benefit will reduce by $1 for every $3 in earnings over that amount. For more details click on the link below.
How to Apply for Student loan Forgivness
If you fall under one of the following categories you could possibly qualify for partial or complete student loan forgiveness (some of the categories are listed here, for more details client on the link below):
- Public Service Loan Forgiveness – individuals working full time in an eligible public service job.
- Teacher Loan Forgiveness – teachers who teach in low income elementary or secondary school.
- Discharge after 20 or 25 years in an income driven repayment plan.
- Total and Permanent Disability Discharge.
Quick Reminders
- Now is time to review your investment portfolios and sell some of your investments at gain or loss (depending on your tax situation)
- Now is time to do year end tax planning (LA Residents have till January 3, 2022, to make Q3 Estimated payments)
- Review your business performance with your CPA, decide on purchasing necessary business assets (179 and bonus depreciations are available for 2021) .
- LA Residents who have not filed yet their 2020 tax return have till January 3, 2022, to file it.
- Health Insurance enrollment starts November 1st and lasts till January 15, 2022.
Interesting Facts
400 Richest Americans
Donald Trump for the first time in last 25 years is not on the list of first 400 richest Americans. In 2021 Mr. Trump’s net worth is at $2.5 billion. The richest person with net worth of $201 billion for 2021 is Jeff Bezos who founded e-commerce giant Amazon. Followed by Elon Musk with net worth of $190.5 billion. Elon Musk is CEO of Tesla and CEO of SpaceX aerospace company that is working on making commercial travel to space possible for individuals who are looking for an expensive adventure. The third place is Mark Zuckerberg (CEO of Facebook) with net worth of $134.5 billion and on the fourth place is Bill Gates (founder of Microsoft) with net wort of $134 billion.
Dragana's World
Happy Halloween!
Did you know that Halloween is not a holiday that is celebrated in each country around the world? The first time I heard of Halloween was in 2007 when I came to the United States (at age 18). Halloween is not a holiday we celebrate back home in Bosnia & Herzegovina. The first time I dressed up was four years ago and it was for a party at work. November 1st, Day of the Dead, is the holiday that we would celebrate back home. This is the time when family go to visit cemeteries to decorate, light a candle, and pray by the graves of deceased family members.