Wages subject to Social Security FICA rise to $127,200 on January 1, 2017
This might impact many of you….
The maximum amount of earnings subject to the Social Security payroll tax will climb 7.3 percent in 2017 to $127,200 – up by $8,700 from the $118,500 maximum for 2015 and 2016. This adjustment takes effect on January 1, 2017.
Moresource wants to be sure everyone is aware of this change. This increase combined with the new Overtime Rule salary increases will impact some employees and employers negatively. Please do not hesitate to contact us with your questions.
-Shelia Johnson, Human Resources Director