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 on employers, employees and self-employed
FICA Archives - Crawford Ellenbogen
Nov 17, 2021
Employers: The Social Security wage base is increasing in 2022
- By Victor Dozzi
- Business
- 0 Comments
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Nov 11, 2021
You may owe “nanny tax” even if you don’t have a nanny
- By Victor Dozzi
- Taxes
- 0 Comments
Have you heard of the “nanny tax?” Even if you don’t employ a nanny, it may apply to you. Hiring a house cleaner, gardener or other household employee (who isn’t an independent contractor) may make you liable for federal income and other taxes. You may also have state tax obligations. If you employ a household
Oct 20, 2020
The 2021 “Social Security wage base” is increasing
- By Joan Ellenbogen
- Business
- 0 Comments
If your small business is planning for payroll next year, be aware that the “Social Security wage base” is increasing. The Social Security Administration recently announced that the maximum earnings subject to Social Security tax will increase from $137,700 in 2020 to $142,800 in 2021. For 2021, the FICA tax rate for both employers and
Sep 24, 2019
2019 Q4 tax calendar: Key deadlines for businesses and other employers
- By Ellenbogen
- Business, Taxes
- 0 Comments
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. October