Wealth Gem

05/18/2024

05/08/2024

Did you know? Social Security income is taxable! 💸 It's a common misconception that those monthly benefits are tax-free, but in reality, they can be subject to federal income tax depending on your total income. 💼💵
Here's the deal: if Social Security is your only source of income, it's likely not taxable. But if you have other substantial income, like wages, self-employment, or investment income, a portion of your Social Security benefits could be subject to tax.
So, how are these taxes calculated? Here's the scoop: the IRS uses a formula called 'provisional income' to determine the taxable portion of your Social Security benefits. This includes your adjusted gross income (AGI), nontaxable interest, and half of your Social Security benefits. Depending on your filing status and provisional income, up to 85% of your Social Security benefits could be subject to tax.
According to the IRS, the best way to see if you’ll owe taxes on your Social Security income is to take one-half of your Social Security benefits and add that amount to all your other income, which includes tax-exempt interest. This number is known as your combined income. Here’s how it’s calculated:
Combined Income = Adjusted Gross Income (AGI) + Nontaxable Interest + 1/2 of Social Security benefits
If your Social Security income is taxable, the amount you pay will depend on your total combined retirement income. However, you will never pay taxes on more than 85% of your Social Security income. But income brackets will vary depending on your filing status.
For 2024, if you file an individual tax return with a total income under $25,000, you won’t have to pay taxes on your Social Security benefits. Single filers with a combined income between $25,000 and $34,000 must pay income taxes up to 50% of their Social Security benefits. And, if your combined income is more than $34,000, you will pay taxes up to 85% of your Social Security benefits.
For married couples filing a joint return, you will pay taxes up to 50% of your Social Security income for a combined income between $32,000 and $44,000. If you have a combined income of more than $44,000, you can expect to pay taxes up to 85% of your Social Security payments.

Understanding the tax implications of Social Security income is crucial for effective financial planning. It's always a good idea to consult with a professional to determine how your benefits might be taxed and what strategies you can use to minimize your tax burden. 💡💼💰 "

Video on YouTube:
https://youtu.be/31lGyxcc_64

04/30/2024

Love Shrimp Scampi but want a healthier homemade version? Look no further! Try out this nutritious and delicious recipe for a guilt-free twist on the classic dish. Plus, I've included a gluten-free option so everyone can enjoy!
Heart-Healthy & Gluten-Free Shrimp Scampi Recipe:
Ingredients:
• 1 pound large shrimp, peeled and deveined
• 8 oz gluten-free spaghetti or whole wheat spaghetti
• 4 cloves garlic, minced
• 2 tablespoons olive oil
• 1/4 cup low-sodium chicken broth or white wine
• Juice of 1 lemon
• 2 tablespoons chopped fresh parsley
• Salt and pepper to taste
• Red pepper flakes (optional, for added spice)
• Gluten-free all-purpose flour (if using gluten-free spaghetti)
Instructions:
1. Cook the Pasta:
• If using gluten-free spaghetti, cook according to package instructions. If using whole wheat spaghetti, bring a large pot of salted water to a boil and cook pasta until al dente. Drain and set aside.
2. Prepare the Shrimp:
• Pat the shrimp dry with paper towels and season with salt and pepper. If using gluten-free spaghetti, lightly coat the shrimp with gluten-free all-purpose flour.
• In a large skillet, heat olive oil over medium heat. Add minced garlic and cook until fragrant, about 1 minute.
• Add the shrimp to the skillet and cook until pink and opaque, about 2-3 minutes per side. Remove shrimp from skillet and set aside.
3. Make the Sauce:
• In the same skillet, add chicken broth or white wine and lemon juice. Bring to a simmer and let reduce slightly, about 2 minutes.
• Return the shrimp to the skillet and toss to coat in the sauce. Add chopped parsley and red pepper flakes, if using. Cook for an additional minute to heat through.
4. Serve:
• Serve the shrimp scampi over cooked pasta, garnished with additional parsley and a lemon wedge if desired. Enjoy your heart-healthy and gluten-free shrimp scampi!
With this recipe, you can enjoy the classic flavors of shrimp scampi with a healthier twist right in the comfort of your own home. Whether you're following a heart-healthy diet or need a gluten-free option, this dish is sure to satisfy your cravings without compromising on taste. Bon appétit! 🍤🍝🌿

04/29/2024

https://youtu.be/zpdq-sOCoiI

Over the past six months, I've had the privilege of mentoring a group of motivated high schoolers as part of the Banking on Our Youth Program in Santa Ana. This program focuses on equipping students with essential financial literacy skills and fostering their entrepreneurial spirit. I'm thrilled to share the incredible journey we've been on together!

Throughout the program, these students have not only learned the fundamentals of managing finances but have also delved into the exciting world of entrepreneurship. It's been awe-inspiring to witness their growth and creativity firsthand as they developed innovative business ideas and crafted detailed business plans.

Yesterday marked a particularly memorable moment as my mentees took the stage during the final presentation and award ceremony. Despite the nerves, they confidently pitched their business idea: the development of a biodegradable packaging material for snacks for a cleaner and healthier environment. Facing a panel of five judges, they fielded tough questions with poise and determination, leaving a lasting impression on everyone in the room.

I am immensely proud to announce that their hard work and dedication paid off—they were selected as winners and were awarded a well-deserved scholarship of $1,500. This achievement is a testament to their perseverance and commitment, especially considering their busy schedules filled with school, work, and athletic pursuits.

To my mentees: Congratulations on this well-deserved recognition! Your resilience and passion have been truly inspiring, and I have no doubt that you will continue to accomplish great things in the future. Keep chasing your dreams and never stop believing in yourselves!

I am honored to have been a part of your journey and look forward to witnessing your continued success. Together, we are shaping the future of entrepreneurship, one innovative idea at a time.

04/14/2024

04/13/2024

Simple and easy dinner you can make in less than 20 minutes. Tilapia fillet and celery served with rice.

02/05/2024

01/20/2024

01/20/2024

The Challenge: Make a yummy dinner in 20 minutes. Do you know how much money you can save each day if you do that? For a family of 4, if you don't eat out or do takeout, you can easily save $5 per head, that's $20 a day and $600 a month. Do you know if you invest that for the long term, in 20 years, you will have $372,000. Let's share some simple ways to make it happen 😊

www. wealthgem.com

01/23/2023

Wishing you all the best of luck and abundance in the New Year of the Rabbit! Happy Lunar New Year! 恭賀新禧!

12/24/2022

Best wishes for a Happy Holiday season! You've come so far this year - you deserve a nice holiday cheer. Enjoy yourself and have a wonderful holiday break! Let's celebrate!
Happy Holidays 2022 from Wealth Gem

09/15/2022

3分鐘就識玩，1生受用
致富第一步！Buy Low Sell High Card Game

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點擊這裡購買:
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______________________________________
Wealth Gem 分享理財小貼士, 助你輕鬆致富
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* 周末同長假期，小朋友在家唔知做咩好？* 想教仔女明智理財，唔好亂花錢，但又唔想長编大論說教?* 通過一齊玩遊戲來學習是一個好方法* 有開心親子時間，增進家長同孩子的感情* 遊戲好易學，朋友坐下幾分鐘就可以玩* 玩.....