As the unemployment rate falls from its 2020 high, employees are switching jobs in record numbers. The new stability in the economy means workers have more leeway to shop around for jobs that fit their lifestyles, needs and values. Now, the onus is on employers to provide an environment that makes their star team members […]
Taxes
Payroll Tax Rates and Contribution Limits for 2022
Below are federal payroll tax rates and benefits contribution limits for 2022. Social Security tax In 2022, the Social Security tax rate is 6.2% for employers and employees, unchanged from 2021. The Social Security wage base is $147,000 for employers and employees, increasing from $142,800 in 2021. Self-employed people must pay 12.4% on the first […]
IRS Announces Annual Inflation Adjustments
With the end of the year in sight, the IRS has announced inflation adjustments taking effect in the new year. This does not directly affect the taxes you’ll be filing by April 15, 2022. Rather, these adjustments generally apply to tax returns you will be filing in 2023. Although that seems far away, it pays […]