GLO Reports 2014
November 2014 Monthly GLO Report
* Social Security News
The Social Security Administration announced the 2015 wage base will be $118,500, an increase of 1,500 from the 2014 wage base of $117,000. The maximum tax an employee or employer will pay in 2015 is $7,347. There is still no limit on Medicare tax, and wages over $200,000 are still subject to the additional .9% employee only tax.
It is worth noting that the Board of Trustee’s projection of $119,100 in August was high. I was careful in my August GLO to note the increase amount and not a wage base looking number as it was only an estimate and did not want to confuse anyone. If you picked up the $119,100 amount from somewhere else make sure you get that corrected to $118,500.
* From the IRS
- IRS Announces 2015 Pension Plan Limitations; Taxpayers may contribute up to $18,000 to their 401(k) plans in 2015, with the catch-up contribution limit raised to $6,000. Follow this link for other pension limitations for 2015.
- In 2015, Various Tax Benefits Increase - .For tax year 2015, the annual inflation adjustments for more than 40 tax provisions, including the tax rate schedules, can be found in Revenue Procedure 2014-61. The personal exemption rises to $4,000; the standard deduction rises to $6,300 for singles and $12,600 for married couples (filing jointly).
- IRS Finalizes New Third Party Sick Pay Recap Form; The IRS released the 2014 Form 8922, filed to reconcile Forms 941 and W-2 when 3rd party sick pay is paid. Beginning with tax year 2014 (reports filed in 2015) the IRS is taking over this responsibility from the SSA. http://www.irs.gov/uac/About-Form-8922
* The Federal Office of Child Support Enforcement
The Child Support monthly newsletter has not been published yet... is that a sign?
* U.S. Citizenship and Immigration Services
A few weeks ago, USCIS launched myE-Verify, the new website with information and applications designed for workers and job seekers. Read about myE-Verify accounts, Self Lock, myResources and Self Check in our recent blog, We’re Starting to Roll Out myE-Verify, Including a New Way to Fight Identity Fraud. Learn how myE-Verify can:
- Protect your social security number in E-Verify
- Let you check the same databases that E-Verify uses to confirm your employment eligibility
- Inform you about your rights in the employment eligibility verification process
Then check out the full November schedule for webinars.
* The U.S. Department of the Treasury
- Remarks of Secretary Lew at the World Affairs Council of Seattle on Building a Stronger Global Economy
* The Department of Health & Human Services
The healthcare open enrollment period starts soon (November 15th) at Healthcare.gov - and lasts until February 15, 2015.
Go to the site to explore health insurance options so you can sign up for a plan. Once you've done that - then this video seriesfrom the Centers for Medicare & Medicaid Services(CMS) will help you make the most of your coverage.
* Financial Crimes Enforcement Network
Nothing to see here… move along.
* The Department of Homeland Security
Statement for the record of OHA and CBP for an October 10 House Committee on Homeland Security field hearing titled “Ebola in the Homeland: The Importance of Effective International, Federal, State and Local Coordination”
* Small Business Association
There is an interesting post on lending money to your employee. What I found interesting is the blogger was oblivious to the payroll implications of the loan… well she got there in the comments. I did agree with her final accessment – just say no.
* From the US Department of Labor
- Media Conglomerate Repays Nearly $2 Million in Health Benefits - Cox Enterprises Inc., a Georgia-based media conglomerate and owner of Cox Communications, voluntarily restored $1,986,918 to 4,564 participants whose adult preventative care service claims had been denied due to annual dollar limitations in 2011, 2012 and 2013. Under the Affordable Care Act, companies are prohibited from placing annual limits on essential health benefits, such as preventative care.
- This month’s newsletter http://www.dol.gov/_sec/newsletter/
- According to the CDC, more than 29 million Americans have diabetes (PDF). Since November is National Diabetes Month, it is a perfect time to familiarize yourself with the ABCs of diabetes management. A is for: A1C test; B is for: Blood pressure, C is for: cholesterol. It is important to monitor each of these with your doctor. Also, here are some healthy tasty recipes to try.
- Ebola is all over the news right now. And with so much conflicting information and varying reports out there, it’s hard to know where to go to get the facts. The Center for Disease Control and Prevention (CDC) has a lot of resources available so you can be properly informed, and keep yourself and your family safe. CDC has a full page devoted to Ebola information on their website. For those who always prefer a second opinion on their medical issues I offer the World Health Organization ebola page.
* In Georgia
No news is good news?