The 2021 ‘Social Security wage base’ is increasing

If your small business is planning for payroll next year, be aware that the “Social Security wage base” is increasing. The Social Security Administration recently announced that the maximum earnings subject to Social Security tax will increase from $137,700 in 2020 to $142,800 in 2021. For 2021, the FICA tax rate for both employers and […]
New year is a good time review deposit rules
Now that the calendar has turned to 2015, this is a good time to remind employers of the 941 tax deposit rules. These employment taxes include (1) both the employee and employer share of FICA tax; (2) the additional 0.9 percent Medicare tax withheld from employees’ wages; and (3) federal income tax withheld from employees’ […]