Posts by Poincia

Social Security Wage Base Remains the Same

Social Security Wage Base Remains the Same

Social Security Wage Base Remains the Same for 2016

The Social Security Administration (SSA) announced that the maximum earnings subject to the Social Security component of the FICA tax will remain at $118,500 for 2016.

This means, that for 2016, the maximum Social Security tax that employers and employees will each pay is $7,347 ($118,500 x 6.2%), and a self-employed person with at least $118,500 in net self-employment earnings will pay $14,694 for the Social Security part of the self-employment tax.

The Medicare component remains 1.45% of all earnings, and individuals with earned income of more than $200,000 ($250,000 for married couples filing jointly) will pay an additional 0.9% in Medicare taxes.

Other 2016 cost-of-living adjustments announced by the SSA are available at www.ssa.gov/news/press/factsheets/colafacts2016.html .

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Scams Relating to South Carolina Flood Relief

Scams Relating to South Carolina Flood Relief

Income Tax—Scams Relating to South Carolina Flood Relief

The IRS issued a warning about possible fake charity scams emerging due to severe flooding this month in South Carolina and neighboring states.

Taxpayers should be wary of charities with names that are similar to nationally known organizations—the IRS website (www.irs.gov) has a search feature, Exempt Organizations Select Check, that helps taxpayers find legitimate, qualified charities that are eligible to receive tax deductible donations.

Furthermore, taxpayers should not give or send cash, and should not provide personal financial information—such as Social Security numbers or credit card and bank account numbers—to solicitors. Further information about tax scams is available on www.irs.gov , search phrase “scams and schemes”. News Release IR-2015-114.

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Welcome to Padgett Business Services

Welcome to Padgett Business Services

Padgett Business Services

Assisting the communities of Centre County and Clinton County with the main office in State College, PA.

Poincia Lockcuff, MBA, EA, is the owner of the Padgett Business Services. Poincia has over 20 years’ experience with various industries which include : Finance Manager – Conagra Foods; Corporate Controller – Delta Galil USA; Cost Manager – Dean Foods and Accountant – KPMG. Her knowledge and experience allows her to offer practical solutions to the challenges facing business owners.

As an Enrolled Agent (EA) she is a federally-licensed tax practitioner who specializes in taxation and also has unlimited rights to represent taxpayers before the IRS. She earned her Masters in Business Administration from Crummer School of Business, Rollins College, FL.

She is a member of the National Society of Accountants, National Association of Enrolled Agents and Pennsylvania Society of Enrolled Agents. She is also a member of the State College Chamber of Commerce and State College Rotary Club.

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Welcome to Padgett Business Services of North Central PA

Welcome to Padgett Business Services of North Central PA

We are a full service Tax, Accounting, Bookkeeping and Payroll company geared specifically to the small business owner and individuals.

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Accounting Services

Accounting Services

Leave your financial reporting to us and spend your time growing your business with the peace of mind of knowing that your Padgett representative is in your corner.

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