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101 W. Friendly Ave., Suite 400
Greensboro, NC 27401
June 11, 2013
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Greetings!
Isaacson Isaacson Sheridan Fountain & Leftwich, LLP sends out periodic emails with news and updates about legal issues and about our firm. We hope you find this information useful. If you prefer not to receive these emails, please click on SafeUnsubscribe below. Of course, please email or call us if you would like to discuss any of these matters.
Social Security Administration Announces Wage Base Increase
The Social Security Administration's Office of the Chief Actuary has projected that the Social Security wage base will increase from $113,700 for 2013 to $115,500 for 2014.
The Federal Insurance Contributions Act (FICA) imposes two separate taxes on employers, employees, and self-employed workers - the Social Security tax and the Medicare tax. The Social Security tax is 6.2% each (employer and employee) but only up to the wage base. On a salary of $115,500 (or more), an employee and his employer each will pay $8,835.75 in Social Security tax in 2014 ($111.60 more than 2013).
A self-employed person with at least $115,500 in net self-employment earnings will pay $17,671.50 for the Social Security part of the self-employment tax in 2014 ($223.20 more than 2013).
The actuaries project the following wage base amounts for future years:
- 2014 - $115,500
- 2015 - $118,500
- 2016 - $123,600
- 2017 - $130,500
- 2018 - $137,700
- 2019 - $144,900
- 2020 - $152,100
- 2021 - $159,000
- 2022 - $165,600
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About the Writer
Desmond G. Sheridan is a partner in the Greensboro law firm of Isaacson Isaacson Sheridan Fountain & Leftwich, LLP and is a certified public accountant. His practice areas are business transactions, tax, corporations, limited liability companies, commercial real estate and estate planning. Sheridan has served on the Board of Directors of the North Carolina Association of Certified Public Accountants and has been recognized as a "Best Lawyer in America," a North Carolina "Super Lawyer" and a member of the "Legal Elite" by Business North Carolina. He has given numerous continuing education presentations to CPAs and attorneys.
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Some disclaimers: First, nothing in this email should be construed as legal advice. Second, an attorney-client relationship may only be established by a formal engagement with our firm. Third, this email is informational only; you should not act on any legal matters except with the specific advice of your counsel.
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Our Firm
Isaacson Isaacson Sheridan
Fountain & Leftwich, LLP
336-273-7293 fax
101 W. Friendly Ave, Suite 400
Greensboro, North Carolina 27401
336-275-7626 |
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