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“High” earners will be subject to additional Social Security payroll taxes
Effective January 1, 2015, employees designated as “high” earners will be subject to additional Social Security payroll taxes. The Social Security Administration (SSA) estimated that close to 10 million workers will pay more for the coming year due to an increase in the taxable minimum—up to $118,500 over the previous amount, $117,000. Employers should take steps now to notify affected employees and adjust their payroll systems to ensure compliance. This is only one of the changes awaiting employers in 2015….Read More
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