social security tax for 2022

Some Tax Limits Affecting Businesses Have Increased for 2022

Some Tax Limits Affecting Businesses Have Increased for 2022

Many tax limits that affect businesses are annually indexed for inflation, and a number of them have increased for 2022. Here’s a rundown of those that may be important to you and your business. Social Security Tax The amount of an employee’s earnings that is subject to Social Security tax

Sonya Foster2022-01-25T10:03:52-07:00January 25th, 2022|

Social Security Wage Base Will Increase in 2022

Social Security Wage Base Will Increase in 2022

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for 2022 (up from $142,800 for 2021). Wages and self-employment income above this threshold aren’t subject to Social Security tax. Background Information The Federal Insurance Contributions Act (FICA) imposes two taxes

Sonya Foster2021-10-26T10:42:30-06:00October 26th, 2021|