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Wednesday, March 20, 2019

Employee Versus Independent Contractor

By  Frank Messina, DBA, CPA, Bruce P. Ely, JD, LLM, Lisa-Ann Polack, PhD, CP and Marena Messina, CPA
February 2019

Classifying a worker as an employee or an independent contractor has a significant effect on the cost of employing that individual. ...More>

Tax professionals have four requirements for meeting their due diligence

You may notice that your tax preparer is asking you a lot of additional questions this year. Why is that?

Click on our Newsletters tab and select Tax Insight for the January issue to see why.

2019 Pension and Social Security Limits

Social Security  
Cost of Living Increase 2.8%
FICA Wage Limit: $132,900
Earnings Limit if drawing before age 66 $ 17,640
2019 IRA  
Traditional & Roth IRA Limit $ 6,000
Over age 49 catch up $ 1,000
2019 SEP  
Maximum Contribution $ 56,000
Over age 49 catch up $ 0
2019 SIMPLE  
Maximum deferral $ 13,000
Over age 49 catch up $ 3,000
2019 401-K/403-B/457  
Maximum deferral $ 19,000
Over age 49 catch up $ 6,000
Maximum contribution all sources $ 56,000 (plus catch up)
2019 Defined Benefit Plan Limit $225,000




 Missouri DOR

In March 2018, the Missouri Department of Revenue made adjustments to the employer withholding tables following changes made to the federal tables.

The Department has continued to monitor the changes and has identified the need to make a subsequent adjustment to the withholding tables and calculations.

The Department has adjusted the withholding tables, the Missouri Employer's Tax Guide, Form 4282 and the withholding calculator instructions, which are all located on our website at: dor.mo.gov/business/withhold/.

Employees should be encouraged to review their federal and state withholdings to ensure the appropriate amount is withheld and complete a new MO-W4 if changes are needed. They may also submit estimated tax payments with the 2018 Declaration of Estimated Tax for Individuals, Form MO-1040ES.

The Director of Revenue's press release on this matter may be found at: dor.mo.gov/news/archive/year/2018/.