2022 Cost of Living Adjustment (COLA) To Increase Significantly Leading to Record Social Security Benefits Raise

The following article provides a discussion and update on the Cost of Living Adjustment (COLA) over the last few years. The COLA figure is critical for millions of Americas, especially retirees whose social security benefit raise is tied to the COLA increase. So the larger the COLA increase the larger …

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2021 GS Pay Scale For Federal Employees Following 1% Pay Raise – 2022 Pay Raise Likely To Be Higher

[2021 GS Pay Raise Update] Despite a potential 2021 pay freeze for federal workers, Congress approved a 1 percent raise for Federal employees on the GS pay scale. This was not great news in an environment where inflation is rising, and especially since armed services members saw a 3% rise …

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2020 vs 2021 Savers Tax Credit and Income Limits to Help Workers Save for Retirement

[Updated with latest details per the IRS] The savers credit helps middle to lower income earners save for retirement by providing an offset to retirement plan (401k and IRA) contributions. But a lot of people don’t know about or take advantage of this little known credit, officially referred to by the IRS …

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2015 Tax Brackets and Other Federal Taxation Updates

Given the low inflation environment over the last year, the 2015 IRS Tax Brackets, standard deductions and personal exemptions have only seen a moderate increase over 2014 levels. Federal income tax brackets and related tax items, under the tax code, provide for mandatory annual adjustments based on inflation. This is to prevent …

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2014 IRS Tax Brackets and Rates With Standard Deduction and Personal Exemption Updates

Below are the 2014 IRS federal tax brackets based on annual inflation adjustments. Given the low inflation environment there were only moderate increases in tax brackets, standard deductions and to the personal exemption. The main changes for the 2014 tax year were: Marginal tax rates remained the same as last year with …

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What are Current 401k and IRA Contribution and Income Limits

See this updated article for the latest 401(k) and IRA Contribution, Eligibility, Income and Tax Deduction Limits The IRS has released updated 2014 limits for defined contribution (or pension) plans such as 401(k) and IRAs. This was delayed from the usual mid-October release due to the government shutdown. The annual limits …

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