Potential Payroll Tax Changes on the Horizon
With the Bush Era income tax cuts set to expire in December, what does that mean for you? If they do expire, there will be quite a few changes, here are some highlights:
- The employees’ part of Social Security tax will rise back to 6.2% from 4.2% currently
- The maximum salary subject to these taxes will rise 3.3% to $113,700
- Many changes regarding Social Security- who can collect, how much, age changes, and how much you can collect while having another job. Check out the full list here.
No matter what changes do happen, you can be rest assured that CheckMark is on top of the current legislation regarding your payroll taxes.