Tax News

CCH (cch.taxgroup.com) reports:

The Social Security Administration has announced that the contribution and benefit base for remuneration paid in 2008 and self-employment income earned in tax years beginning in 2008 is $102,000. The "old law" contribution and benefit base for 2008 is $75,900. The "old law" base is used by the Railroad Retirement program to determine certain tax liabilities and tier II benefits, by the Pension Benefit Guaranty Corporation to determine the maximum amount of pension guaranteed under ERISA, and by the Social Security Administration to determine a year of coverage in computing certain benefits. Further, the minimum amount a domestic worker must earn so that such earnings are covered under Social Security or Medicare is $1,600 for 2008.
Notice 2007-92, 2007FED ¶46,720
Other References:
Code Sec. 408
CCH Reference - 2007FED ¶780.07
CCH Reference - 2007FED ¶18,922.0249
Code Sec. 1401
CCH Reference - 2007FED ¶32,543.01
CCH Reference - 2007FED ¶32,543.07
CCH Reference - 2007FED ¶32,543.26
Code Sec. 1402
CCH Reference - 2007FED ¶32,580.01
Code Sec. 3510
CCH Reference - 2007FED ¶33,828.01
CCH Reference - 2007FED ¶33,828.30
Code Sec. 6017
CCH Reference - 2007FED ¶35,203.01
Code Sec. 6041
CCH Reference - 2007FED ¶35,836.20
Tax Research Consultant
CCH Reference - TRC INDIV: 63,052
CCH Reference - TRC COMPEN: 27,056
CCH Reference - TRC PAYROLL: 3,106
CCH Reference - TRC PAYROLL: 3,180
CCH Reference - TRC PAYROLL: 3,358
CCH Reference - TRC PAYROLL: 9,052
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CCH Reference - TRC PAYROLL: 9,204