It makes a retirement account contribution equal to 5% of a participant's base salary, up to the
Social Security wage base, and 10% of base salary in excess of that amount, subject to the IRS compensation limit, regardless of whether an employee makes deferrals to the plan.
When Paychex began providing PEO services to a client company, Paychex would switch the reporting of payroll taxes from the client company's federal employer identification number (EIN) to Paychex's EIN and would restart each worksite employee's
Social Security wage base for the year.
- The
social security wage base limit is $118,500, and it was $117,000.00 in Year 2014
Some of the workers were compensated above the 2011
Social Security wage base ($106,800) in the amount of $250,000.
Because the CPI increased just 0.1 percent from September 2009 to September 2010, the IRS dollar limits and the taxable
Social Security wage base will not change in 2011, for the second consecutive year.
The 2006 edition updates the new 2006
Social Security wage base, pension limits, and per diem amounts, and explains Hurricane Katrina's impact on payroll.
1792, Moynihan increases the
Social Security wage base from $68,400 in 1998 to $97,500 by 2003.