On October 18, 2016, the Social Security Administration (SSA) announced the maximum amount of earnings that are subject to the Social Security payroll tax will increase in 2017 to $127,200. This adjustment is effective as of January 1, 2017 and equates an $8,700 increase from the maximum for years 2015 and 2016, which was $118,500. According to the SSA, of the estimated 173 million workers…
The proposed budget calls for reductions in Social Security growth and benefit programs.
Morganthaler and Wimer’s report outlines four benefit and payroll areas that should be top of mind
The maximum amount of income subject to the Federal Insurance Contributions Act (FICA) tax will rise.
Social Security retirement benefits may begin at age 62…