The world of payroll and human resources is constantly changing. It is important for business owners, and all those involved in payroll and HR processes, to stay up-to-date with IRS, Department of Labor, and other agency regulations in order to avoid costly fines and penalties. Time & Pay is committed to helping you stay compliant, and in order to do so, would like to provide you with the following updates for 2019:
The Social Security Administration recently announced that the Social Security wage base will increase to $132,900 in 2019. That is a $4,500 increase from the 2018 wage base of $128,400. This means that the first $132,900 that an employee earns in taxable wages will be subject to the 6.2% Social Security tax.
The Medicare tax rate for employees will remain at 1.45%, and will apply to all taxable wages an employee earns up to $200,000. Wages in excess of $200,000 will be subject to an additional 0.9% Medicare taxes. Employers, however, are not required to match this additional tax.
Time & Pay can help make sure that your employees’ paychecks are always calculated correctly, and that all payroll tax liabilities are filed on time and accurately. We have guaranteed compliance for over 25 years. Let us know how we can help you.
About Time & Pay:
Time & Pay is a professional payroll service provider located in Johnson City, TN. We service businesses of all sizes and types throughout the United States. Founded in 1992, Time & Pay provides businesses with complete payroll services, guaranteed payroll tax compliance, automated time and attendance systems and services, pay-as-you-go workers comp, human resource management systems and services, ACA compliance and more. We provide our customers with the cost effective tools you need to better manage your payroll, your employees and your business. Time & Pay’s services guarantee you will save money, time and aggravation and we back them up with the customer service you expect and deserve. Contact Us today to learn why business owners throughout the country are saying:
“Time & Pay! Why would you do payroll and timekeeping any other way?”
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