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2011 Social Security Wage Base Remains at $106,800

Wednesday, October 20, 2010

On October 15th, 2010 The Social Security Administration (SSA) announced there will be no change in the Social Security and Disability Insurance taxable wage base for 2011. This is the second year that there will be no change. In addition, there are few other cost-of-living adjustments for 2011 because the consumer price index did not increase in the third quarter of 2010, compared with the same period in 2009.

With the Social Security wage base unchanged at $106,800 for 2011, the maximum 2011 OASDI tax payable by each employee is $6,621.60, or 6.2 percent of the wage base. The employer matches the amount with an equal contribution.

The Medicare portion of the Federal Insurance Contributions Act tax continues to apply to all taxable wages earned, and the rate remains at 1.45 percent.

The New Jersey, Pennsylvania Reciprocal Personal Income Tax Agreement to Continue in 2017

For residents living in New Jersey and Pennsylvania who work across the state border, personal income taxes will no longer be impacted in January 2017 by New Jersey’s proposed withdrawal from the Reciprocal Personal Income Tax Agreement. On Tuesday, November 22nd, Governor Chris Christie reinstated the tax reciprocity agreement, reversing his initial decision to withdraw, […]

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Newly Proposed Salary Overtime Rules Put on Hold

In May of this year the US Department of Labor proposed a final ruling to increase the minimum salary threshold for exempt employees from $23,600 to $47,476 annually or from $455 to $913 per week. As a result of the ruling, starting December 1st, exempt employees earning less than $47,476 were to become eligible for […]

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