Social Security Wage Base and Earnings Test Amounts for 2024
The Social Security Administration (SSA) recently announced that the “wage base” for computing Social Security tax will increase for 2024 to $168,600. This is up from $160,200 for 2023. Federal law limits the amount of earnings that are subject to the Old-Age, Survivors, and Disability Insurance (OASDI) tax in a given year. This threshold, referred…
Top 5 Tax Tips for Small Business Owners
By Jennifer Galstad-Lee, Senior Manager, Tax Services Small business owners have double-duty during tax season – preparing and filing their own taxes as well as taxes for their small business. With so many demands on their time already, tax season can be cause for dread, but advance planning and organization can make life a little…
Updated State-Mandated Retirement Plans: An Overview for Businesses
Many Americans are not saving enough for retirement – in fact, a recent survey by the Federal Reserve found that a quarter of working adults have no retirement savings at all. To address this growing crisis, a number of states are enacting laws that require private businesses to provide employee retirement plans. The requirement comes…