New Tax Breaks: Overtime, Tips & Social Security Tax Changes Explained đź’Ą #taxtips #irsnews
Big changes are coming to your paycheck 💰—overtime, tips, and part of your Social Security income might no longer be taxed (up to certain income levels). Mark J. Kohler breaks it down:
âś… No income tax on tips & OT up to $300K joint
âś… Social Security income tax-free under $75K single
âť— FICA taxes (Social Security & Medicare) still apply
These updates could mean more money in your pocket—but only if you stay below key income thresholds.
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