‘09 Social Security wage base is shaping up – are you ready?
April 30, 2008 by Shane BorerPosted in: IRS regs, In this week's e-newsletter, Latest news & views, Tax compliance
Say what you will about Boy Scouts, but they’re on the same wavelength as accounting pros: It never hurts to be prepared. Here’s a look at the upcoming 2009 wage base increase.
Time to flip the calendar ahead a few months and make a note — the 2009 Social Security wage base is expected to increase to $106,500, according to Social Security trustees.
That number is up $4,500 from this year’s $102,000 threshold, but it’s still $300 less than what was projected by the president’s budget. It’s the little victories that count.
No need to worry about the tax rates. They’ll be holding steady at 6.20% for FICA and 1.45% for Medicare.
Tags: Employment Taxes, FICA, Payroll, Social Security
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October 4th, 2008 at 7:43 am
What about earnings limits for 2009 for those under the age of 67. I turn 62 in December and will be eligible for SS benefits in 2009?
October 15th, 2008 at 12:12 pm
[...] story ‘09 Social Security wage base is shaping up – are you ready?, had reader Millard Clark asking for more information about determining earnings limits for [...]
October 21st, 2008 at 1:47 pm
[...] $300 more than the Social Security trustees had told us to expect this past [...]