Quick Update: Social Security Wage Base Increase

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In a somewhat surprising development after no increase in 2016 to the social security wage base, which is the highest amount of compensation subject to social security taxes in a year, the base is being raised. The rate will increase from $118,500 to $127,200 in 2017. This will result in a $539 tax increase per employee, an amount that employers have to match. Self-employed taxpayers will face an even larger increase. Currently, we are not aware of an overall policy change attempting to raise the wage base over time; therefore, the exact reasons for the large increase remain unclear. We …read more

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