Tax Advantage Accounts
Life Events FAQs
Defined Benefit Plans
Residents of Wisconsin
The 2017 social security wage base is $127,200, up from $118,500 in 2016. The social security tax rate for employees is 6.2% and the employer portion remains the same at 6.2%. The maximum social security tax employees pay is $7,886.40 and the employers pay is $7,886.40, both up from $7,347 in 2016.
IRS Section 132(f) limitations on excludable income for transportation fringe benefits that may be excluded from employee's income, federal employment taxes, FIT, FICA and FUTA are:
The 2017 standard deduction will be:
The IRS issued documentation giving the optional mileage rates for use in computing the deductible costs of operating an automobile for business and other purposes.
There is no limit to the wages subject to the Medicare tax. All covered wages are subject to a 1.45% tax. For employees' wages over $200,000, the tax increases by 0.9% to 2.35%.
The adoption expense exclusion from employee income in employer-provided qualified adoption program in 2017 is $13,570, increased from $13,400 in 2016.