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Brace for higher Social Security taxes

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in Small Business Tax

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.

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