The Social Security Administration (SSA) 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 an equal amount. Self-employed individuals pay tax at a 12.4% rate up to the limit. The 2018 wage base is $128,400, for a $7,960.80 maximum amount of OASDI tax.
The Medicare hospital insurance tax of 1.45% each for employees and employers, or 2.9% for the self-employed, has no wage limit.
The SSA also announced that recipients of Social Security benefits would get a 2.8% cost-of-living adjustment and that the earnings test for the amount of income that benefit recipients can receive without their benefits being reduced each year is $17,640 before full retirement age, and the limit taxpayers can earn in the year they reach full retirement age is $46,920.
Hawkinson Muchnick & Associates adds a new location in north-central Georgia, opening an additional office in Paulding County.
January 2017 – Douglasville – Hawkinson Muchnick & Associates is proud to announce the opening of a new office in Hiram, Georgia. Officially opening its doors in early January, the Hiram office brings high quality tax, accounting and business advisory services to businesses and individuals in an expanded area, adding convenience for clients in Paulding County and the region and allowing the firm to serve an expanding client base.
Paul Hawkinson describes the need for expansion saying, “HMA has been experiencing rapid growth for several years now. It made sense to add an additional location to better serve the clients who rely on us.”
His partner, Dan Muchnick, agrees. “Our clients are geographically diverse,” he reports. “As business owners ourselves, we know how important it is to be able to meet with the professionals you depend on at a location that’s convenient so you don’t spend too much time travelling. Having an office in Hiram lets us make it easier and faster for them to get the services and advice they need close to home.”
As longtime residents of the area, both Muchnick and Hawkinson are deeply involved in the business communities of both Douglas and Paulding counties as well as the broader region. Their intimate understanding of the economic conditions that drive business, job growth and government allows them to bring critical insight to business owners and individuals throughout this portion of the state.
“Paulding County has seen so much growth in recent years,” says Hawkinson. “It’s important for business leaders and others with an economic involvement in the region to work with professionals who really understand the changing conditions and dynamic environment there. We are able to bring that kind of insight to decision makers and investors, so they can reach their goals more efficiently.”