Money - Page 2

FICA Max Tax

2022-2023 FICA Percentages, Max Taxable Wages and Max Tax

Updated: December 23, 2022

FICA (Federal Insurance Contributions Act) requires federal agencies to withhold Social Security and Medicare taxes from employees’ compensation. It also requires them to pay matching FICA taxes to the Social Security Administration. Under the law, the Department of Defense must withhold FICA taxes from all military service members, including those serving in: Wages subject to […]

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COLA - Cost of Living Adjustments

2023 Cost-of-Living Adjustments (COLA)

Updated: December 23, 2022

The 2023 cost of living adjustment (COLA) increase is 8.7%, according to the Social Security Administration. The increase in the cost-of-living adjustment is about a $140 monthly benefit increase for the average retiree – or about $1,680 per year. COLA increased by 5.9% in 2022.  Third quarter percentage increases of the previous year’s Consumer Price […]

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American Express Military Benefits

The Platinum Card® from American Express

Updated: September 20, 2023

When used strategically and paid in full each month, credit cards can be a great way to earn valuable rewards, avoid currency transaction fees, and add consumer protections to your purchases. With a list of perks that perhaps no other card can match, deserves a place in your wallet. You can enjoy a little VIP […]

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how to set up VA direct deposit

How to Set Up VA Direct Deposit for Benefits

Updated: November 29, 2022

The Department of Veterans Affairs (VA) pays disability, pension and education benefits associated with your military service. You can get these payments quickly and safely when you set up VA direct deposit to your bank account. Setting up and changing your VA direct deposit is simple as long as you know where to go. The […]

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VA Debt Management Program: Help for Veterans Who Owe The VA

VA Suspends Debt Collection Thru September 2021

Updated: November 2, 2022

The VA will continue the suspension of collection on all Veteran benefit overpayments and medical copayment debts through Sept. 30, 2021. “My top priority right now is to do everything in our power to help our Veterans, caregivers and their families get through this challenging COVID-19 pandemic,” said VA Secretary Denis McDonough. Veterans and beneficiaries […]

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SBA loans for veterans

SBA Loans and Resources for Veterans

Updated: July 20, 2022

The Small Business Administration offers veteran entrepreneurs training and counseling, as well as assistance in finding funding, including small business loans. If you need a military small business loan with competitive terms and lower down payments, the SBA may be a good option. This government agency offers many opportunities, including training, education, and funding assistance. […]

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small business grants for veterans

Small Business Grants for Veterans

Updated: July 12, 2022

Nearly 6% of American businesses are veteran-owned, according to the 2020 Annual Business Survey, released in Oct. 2021. Some service members leave military service knowing they want to start a business but need some kind of funding, such as business loans or Small Business Administration grants. Others may not realize they want to start a business until […]

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personal loans for military and veterans

Personal Loans for Military Members and Veterans

Updated: July 20, 2022

Veterans and current military members might consider applying for a personal loan for several reasons. The cost of permanent change of station moves is one. Those moving from low-cost to high-cost areas may need more money up front for security deposits, storage fees and other expenses. In these instances, they may want to know how […]

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Updated: December 23, 2022

Find the CONUS COLA calculator or see the CONUS COLA locations. The 2023 Continental United States (CONUS) Cost of Living Allowance (COLA) rates take effect on Jan. 1, 2023. The total amount of CONUS COLA a service member receives varies based on geographic duty location, rank, years of service and dependency status. CONUS COLA Calculator […]

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Military Tax Breaks For Families With Special Needs

Military Tax Breaks for Families With Special Needs

Updated: February 3, 2022

Military families are often eligible to claim certain tax breaks and benefits, and military families with special needs may have more tax advantages than they realize. Do you know what your potential tax breaks may be? What follows should not be construed as tax advice, but study the list below to see what you may […]

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