If you’re an employer, you’ll need to be looking out for changes, new rules, and any other compliance measures for year-end 2016. We’ll be supplying a round-up of these in our blog posts over the next few weeks.
Social Security Wage Base for 2017
The Social Security Administration has released the wage base for 2017. Please see the fact sheet here.
The wage base will be $127,200, an increase of $8,700 from the 2016 base of $118,500. The total amount withheld from employees will be $7,886.40, an increase of $539.40 from $7,347 in 2016. As in previous years, all Social Security deductions are matched by you, as the employer. This year again, there is no cap on Medicare withholding for employees or employers.
W-2 Filing Deadline – are you prepared?
REMINDER: The due date for filing 2016 W-2 Forms is January 31, 2017. We discussed earlier this year the fact that the Federal government and many state governments have accelerated the W-2 filing deadlines in an attempt to stem tax return fraud. Here’s a link to a useful fact sheet that will put this information at your fingertips.
Make sure your calendar is updated. See you soon.