Your Money

Last week, the Internal Revenue Service announced the annual inflation adjustments for the 2023 tax year. More than 60 tax provisions, including the tax rate schedules, will be increased by about 7%. Filers whose income has not kept pace with inflation could see savings on their federal income tax bills.

In the week just before last, the Social Security Administration announced an 8.7 percent increase in benefits for 2023, the most significant raise since 1981. That cost of living adjustment was accompanied by an increase in the amount of earnings subject to the Social Security payroll tax, which helps fund the program. The maximum amount of earnings subject to the tax known as FICA (the Federal Insurance Contributions Act) will increase to $160,200 in 2023.

IRS Sets Higher 2023 Tax Brackets, Standard Deductions, and Other Inflation Adjustments
by Janey Novack

Your Life

It’s happening…maybe…but we’re close. Permanently having daylight saving time was unanimously approved by the U.S. Senate. Now it goes to the U.S. House of Representatives and, if passed there, ultimately to the President to sign into law. This article from a local newspaper has great information on daylight saving time, from its definition to the origin and status of its existence among States and other countries. The most significant advantage, by far, to permanent daylight savings is the lack of sleep disruption. One more important thing to note is that although States may pass legislation to cease the practice of changing time twice a year, it will take approval from the U.S. Congress to enact the change.

Daylight saving time 2022: U.S. Senate OK'd Sunshine Protection Act, but California will still fall back, for now.
by Jennifer Sangalang

Complexity Simplified

Trivia