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Understanding Social Security and Payroll Taxes

Social Security and unemployment benefits are both intended to replace income for workers who have stopped working due to retirement or involuntary job loss.[0] Currently, only the first $160,000 in wages are subject to Social Security payroll taxes.[1] As a result, those earning below the cap pay an effective Social Security payroll tax rate of […]

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Start the Year Right: Setting Financial Goals for Success

Setting financial goals is an essential part of achieving financial success.[0] Establishing objectives that are specific, measurable, achievable, relevant, and time-bound (SMART) is key to keeping track of progress and staying motivated. Goals should be both short- and long-term, such as saving $500 for an emergency fund or investing $100,000 for retirement within the next […]

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