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2015 Social Security Announcement

Tuesday, November 25, 2014

On October 22, 2014 the Social Security Administration (SSA) announced there will be a $1,500 increase in the Social Security and Disability Insurance taxable wage base for 2014. In addition, there will be a 1.7% cost of living increase for the more than 58 million people collecting Social Security benefits.

With the Social Security wage base increase to $118,500 for 2015, the maximum 2015 OASDI tax payable by each employee is $7,347, or 6.2 percent of the wage base. In 2015 each employee contribution is matched with an employer contribution of 6.2% of gross pay.

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 Medicare tax is 2.35% for employees with wages greater than $200,000 ($250,000 for joint returns; $125,000 for married taxpayers filing a separate return). The employer portion of the Medicare tax remains at a flat 1.45%.

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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