The IRS has announced the new 2024 limits for HSA contributions. Thanks to inflation, there has been a significant increase in those amounts.
Introduction In addition to the usual inflation-based changes to certain tax-advantaged savings plans, 2021 sees updates to key rules about carryover amounts and mid-year election changes. The 2021 annual contribution limits for health savings accounts (HSAs) have been increased as have out-of-pocket maximums for high-deductible health plans (HDHPs). Rules about carryover amounts and mid-plan year […]
What Are Social Security Contribution Limits While most wages and self-employment earnings are potentially subject to Social Security taxes, the total amount of actual tax liability in a calendar year is limited in two main ways. One, there is a hard cap on the total amount of tax for retirement and disability. Two, certain deductions […]
Introduction The Family and Medical Leave Act – commonly called FMLA – was signed into law by President Clinton in 1993. The core provision of the legislation provides for 12 weeks of leave for employees with serious medical conditions or who need to care for family members. The employee cannot lose his or her job […]