Beaird Harris Ranks No. 32 in CNBC’s List of Top 100 Financial Advisory Firms for 2024
Beaird Harris is thrilled to announce that we have been ranked as No. 32 in CNBC’s annual list of “Top 100 Financial Advisory Firms of…
These changes reflect a 3.2% increase in monthly benefits, a notable decrease compared to the 8.7% increase seen in the previous year. This adjustment is based on the fluctuations in the Consumer Price Index for the 12-month period ending in September 2023.
For individuals contributing to Social Security through their wages, there’s an important alteration to take note of. The maximum income subject to Social Security taxes is set to rise to $168,600, marking a 5% increase. This means that you’ll be contributing more to your Social Security taxes. Here’s a recap of the key dollar amounts:
What it means for you:
The Social Security and Medicare tax rates will remain unchanged from 2023 to 2024. These rates stand at 6.20% for Social Security and 1.45% for Medicare. Additionally, there is a 0.9% Medicare wages surtax applicable to single taxpayers with wages exceeding $200,000 ($250,000 for joint filers), which isn’t included in the aforementioned figures. It’s important to note that your employer also contributes 6.2% for Social Security and 1.45% for Medicare on your behalf. These employer contributions are factored into the self-employment tax rate of 15.3%, as self-employed individuals are responsible for both portions of the tax rate.
Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Beaird Harris Wealth Management, LLC), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from Beaird Harris Wealth Management, LLC To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Beaird Harris Wealth Management, LLC is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the Beaird Harris Wealth Management, LLC’s current written disclosure statement discussing our advisory services and fees is available for review upon request.
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