Give and Take at the SSA


Starting in January 2008, the maximum earnings subject to Social Security tax will rise 4.6%, from $97,500 to $102,000, marking the first time the taxable maximum exceeds $100,000. The Social Security Administration expects nearly 12 million workers will pay higher taxes as a result. The $4,500 increase in maximum taxable earnings surpasses the $3,300 increase from 2006 to 2007.

On a salary of $102,000 or more, the Social Security tax in 2008 will be $6,324, up $279 from 2007’s maximum of $6,045. The tax rate of 6.2%, established in 1990, will not change.

The SSA also announced a 2.3% cost-of-living adjustment on benefits payments in 2008 based on the Bureau of Labor Statistics’ Consumer Price Index for Urban Wage Earners and Clerical Workers .

Source: Social Security Administration, www.ssa.gov.

SPONSORED REPORT

Cybersecurity threats proliferating for midsize and smaller businesses

This report details how SMBs can properly protect private information from breaches, design and implement a cybersecurity policy, and create safeguards for training and education.

QUIZ

News quiz: Senate health care bill in the spotlight

Reports related to the Republican bill to repeal many provisions of the PPACA, other tax issues, and the giant AICPA ENGAGE Conference offered a diverse reading list for June. See how much you know about recent news with this short quiz.