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Home > Financial Services > Accountants > Hathaway & Ksenzulak LLP
Hathaway & Ksenzulak LLP
Hathaway & Ksenzulak, L.L.P. provide year round tax, accounting, consulting and auditing services. Their goal is to provide you with exceptional work quality and service.
The Company provides social security beneficiaries under full retirement age, an earnings test that determines whether their benefits are reduced because they earned more than an annual exempt amount. As a general rule, the earnings test is based on income earned during the year, without regard to the amount earned each month. However, in the first year you receive benefits, your benefits are not reduced for any month in which you earn less than one twelfth of the annual exempt amount.
Medicare Part generally covers medical costs of a hospital, skilled care in a skilled nursing facility, home health agency, or hospice that participates in Medicare. Medicare Part B covers certain physician's services, clinical laboratory services, durable medical equipment, and certain other items and services not covered under Part A hospital insurance.
Under the Federal Insurance Contributions Act, both the employee and employer are required to contribute to social security and hospital insurance taxes. For 2005, the combined tax rate was 7.65 percent, which was 6.2 percent for old age, survivors, and disability insurance, and a remaining 1.45 percent for hospital insurance.
The Taxpayer Relief Act of 1997 permits continuous levies on Social Security payments and other payments of federal benefits. Under the Federal Payment Levy Program, monthly Social Security payments may be reduced by 15 percent until the unpaid federal tax liability is satisfied. Before they take action, affected taxpayers will receive notice of intent to levy and an explanation of appeal rights and procedures.
Some Social Security benefits are excluded from the Federal Payment Levy Program such as Payments to minors, Lump sum death payments, Supplemental Security Income payments, Payments to taxpayers in bankruptcy, Payments to taxpayers seeking innocent or injured spouse relief, and Taxpayers in hardship situations may qualify for an exemption.
They believe in the value of good relationships, which is why they offer a free initial consultation. They view every client relationship like a partnership, and truly believe that their success is a result of your success.
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