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 percent Social Security tax (12.4 percent for selfemployeds) will apply to the first $97,500 of wages (up from $94,200 in 2006). The 1.45 percent Medicare portion of the tax (2.9 percent for self-employeds) will continue to apply to all wages.
Keeping up with employment law changes is an important part of your job â¦ and HR has seen an explosion of new rules and regulations from Washington in the past few years. Are you in compliance?...Click here to find out more.