February 2, 1994
To get the ball rolling while members of the Maryland Association of Certified Public Accountants prepare answers to reader questions, here are two frequently asked questions. Answers are provided by CPAs who belong to MACPA.Q: I understand there is a change in the Social Security tax. What is it and when is it effective?A: There is no change for 1993 taxes. But in 1994, up to 85 percent of Social Security benefits received by those with total incomes over $34,000 for singles and $44,000 for married couples will be taxable.