The amount of an employee’s earnings that will be subject to Social Security tax will increase in 2022. For 2022, the number is $147,000, an increase of $4,200 from last year. The Social Security tax rate will remain 6.2% for employers and employees. The Medicare portion of FICA will also remain at the rate of [...]
You can expect to have more Social Security tax withheld in 2022. The estimated 2022 number is $146,700, an increase from the current taxable wage base of $142,800. The final number is due in October. At the 6.2% rate, the maximum employees and employers would each need to pay in Social Security tax next year [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
