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Welcome to the first full workweek of 2017!

Here's really bad news out of Washington

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by on
in Payroll Today

Nope, we’re not referring to the looming consolidated, accelerated W-2/1099-MISC filing deadline of Jan. 31, 2017, although that’s bad enough.

While you were making merry last month, the Congressional Budget Office was busy pinpointing areas of the Internal Revenue Code that could be squeezed to close the budget gap. (The nonpartisan CBO is in charge of independently analyzing the fiscal impact of congressional legislation.) The report that resulted from that CBO exercise could serve as a roadmap to the 115th Congress, which just convened.

It’s mostly not good news for Payroll.

FICA taxes

Talk about increasing the Social Security taxable wage base isn’t new—the issue is usually just by how much. According to the CBO:

  • The Social Security taxable wage base could increase to $245,000 for 2017. Rationale: Traditionally, the wage base was set at 92% of taxable wages, but this percentage has fallen to 82%. Raising the wage base t...(register to read more)

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