A number of tax limits that affect businesses are annually indexed for inflation, and many have increased for 2022.
Tax Limits for Businesses Increase for 2023
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A number of tax limits that affect businesses are annually indexed for inflation, and many have increased for 2022.
According to a recent announcement from the Social Security Administration, the wage base used to calculate Social Security tax will rise to $160,200 for 2023 (from $147,000 for 2022). There is no Social Security tax on wages or self-employment income above this threshold. Fundamentals of Social Security Employers, employees, and self-employed individuals are all subject
If your small business is planning for payroll next year, be aware that the Social Security wage base is increasing.
If your small business is planning for payroll next year, be aware that the “Social Security wage base” is increasing.
Many businesses and employers have received “no-match” letters from the Social Security Administration (SSA) alerting them to a discrepancy on W-2 forms.