Brace for higher Social Security taxes — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily
The Social Security Administration has announced an increase in the Social Security tax wage base for next year (SSA Fact Sheet, 10/20/06). For 2007, the 6.20% Social Security tax (12.4% for self-employeds) will apply to the first $97,500 of wages (up from $94,200 in 2006). The 1.45% Medicare portion of the tax (2.9% for self-employeds) will continue to apply to all wages.
…but pocket bigger benefits.
On the plus side, Social Security benefits will increase by 3.3% in 2007. The increase will kick in for nearly 49 million Social Security beneficiaries with the checks arriving in January 2007.
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