Social Security Limits

SSA announces new taxable wage base for 2020 Heads up:

SSA announces new taxable wage base for 2020 Heads up: The SSA’s released the new taxable wage base for 2020. As of Jan 1, 2020, the maximum amount of earnings subject to Social Security tax will be $137,700. This is a $4,800 increase over the 2019 taxable wage base of $132,900. Essential withholding info Social [...]

December 5th, 2019|Social Security Limits|

IRS: Tax reform won’t impact retirement plan limits

The Tax Cuts and Jobs Act has changed many things for Payroll. But the IRS recently announced there’s at least one thing staying the same.   That’s the Tax Year 2018 dollar contribution limits for employee retirement plans.   Because the new legislation didn’t change any of the existing provisions that allow the Treasury Department [...]

March 22nd, 2018|Social Security Limits|

Year-end changes for Payroll: Revised wage base and more

Tracking late-in-the-game 2018 updates   By now you’d like to have the 2018 changes set in your payroll system, but with a topsy-turvy year-end like this one, that’s not possible. First, in a highly unusual move, the SSA decided to revise next year’s Social Security taxable wage base.   The new number is $128,400   [...]

December 14th, 2017|2018 tax changes, Social Security Limits|

SSA announces new taxable wage base for 2018

Time to update your payroll systems: SSA has just released the taxable wage base for 2018.   After one of the biggest increases in history in 2017, next year’s limit will only increase moderately by comparison, from $127,200 to $128,700.   The tax rate for wages will remain the same: 6.2 for both employees and [...]

November 16th, 2017|2017 Tax Changes, Social Security Limits|

Higher taxable wage base, other big 2017 changes

This year-end will be one of the most hectic The Social Security taxable wage base is about to make one of its biggest jumps – ever. Add to that the many other changes already piled on for this year-end, and you wonder how you’re going to keep your head above water. Here’s the latest: The [...]