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 [...]
Jumping to 47,476 was a ‘shock to the system’ Just when you were thinking about taking some time to relax this summer, the Dept. of Labor (DOL) rolled out three changes that Payroll will need to stay on top of. The new Secretary of Labor, Alexander Acosta, has been on the go since [...]
Advisory council has long list of payroll-focused suggestions Between state and federal regulations, you already have enough on your plate. But if you aren’t vigilant, you’re likely to miss a slew of new rules. That’s thanks to the Internal Revenue Service Advisory Council (IRSAC), which recently released its latest list of [...]
The IRS has released some 2017 dollar amounts hat you’ll need for your payroll system. The maximum amount an employee can contribute to a flexible spending account is $2,600, up from $2,550 in 2016. The income exclusion for adoption assistance is $13,570, increasing from $13,460. Phase out starts when an employee’s adjusted gross income exceeds [...]
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 [...]
When the IRS releases Form 941 for 2017, you'll notice a couple extra lines. That's because the IRS is creating a new tax credit for 2017 – and the agency recently released a new draft of the form. The new credit is set to go on Line 11 as "Qualified small business payroll tax credit [...]
