Dear Friends and Clients,
As we near the end of 2016 we want to share an administrative note for 2016 W-2 processing for S Corporations, and two payroll tax changes for 2017--FICA which will become effective January 2017 and FUTA which is very likely to change for 2017.
Payrol Items for Year-End and 2017
Well, the new year is bringing higher tax to both employees and employers on the FICA front. The wage cap will increase to $127,200 from the current $118,500, so an increase of $8,700 which is subject to a 6.2% tax rate. Here’s the Social Security Fact Sheet 2017 Changes.
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