Federal Banking Holidays For 2017

News Year's DaySat, Jan 1
Martin Luther King DayMon, Jan 16
Presidents DayMon, Feb 20
Emancipation Day (DC)Mon, April 17
Memorial DayMon, May 29
Independence DayTues, July 4
Labor DayMon, Sept 4
Columbus DayMon, Oct 9
Veterans DaySat, Nov 11
Thanksgiving DayThurs, Nov 23
Christmas DayMon, Dec 25

Health Savings Account Limits

Per Internal Revenue Service Revenue Procedure 2010-22, the maximum HSA contribution for 2016 is:

Under 55 – Single $3350 – Family $6750
Over 55 – Single $4350 – Family $7750

In addition, the minimum deductible will be $1300 for single coverage and $2,600 for family coverage.

The maximum out-of-pocket employee expense, including deductibles, will be $6,550 for single coverage and $13,100 for family coverage.

Health Savings Account

Additional Medicare Tax on High Earners

Effective for taxable years after December 31, 2012, the Medicare tax rate will increase 0.9% (for employee withholding only) from 1.45% to 2.35% on wages paid over $200,000. There is no employer match for the additional Medicare tax as there is with the regular Medicare tax.

An individual is liable for additional Medicare tax if the individual’s wages, other compensation, or self-employment income (together with that of his or her spouse if filing a joint return) exceed the threshold amount for the individual’s filing status:

Filing StatusThreshold Amount
Married filing jointly$250,000
Married filing separately$125,000
Head of household$200,000

An employee cannot request that the employer deduct and withhold Additional Medicare Tax on wages of $200,000 or less. However, an employee who anticipates liability for Additional Medicare Tax may submit a new Form W-4 requesting additional income tax withholding. An employee might request additional income tax withholding on wages not in excess of $200,000 if, for example, the employee is married and files a joint return and anticipates liability for Additional Medicare Tax because combined wages of the employee and his or her spouse will exceed $250,000.