The Payroll Report: Week of Nov. 27


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Here is a roundup of recent payroll issues:

Federal:

The Social Security Administration on Nov. 27 lowered the 2018 Old-Age, Survivors and Disability Insurance taxable wage base to $128,400 from $128,700, an amount that was announced Oct. 13.

The revision stemmed from about 500,000 corrected Forms W-2, Wage and Tax Statement, that were provided in late October by a large payroll-service provider. The agency did not release the name of the provider that submitted the Forms W-2c, Corrected Wage and Tax Statements.

Based on the new amount, the maximum 2018 OASDI portion of the Federal Insurance Contributions Act tax payable by each employee is $7,960.80, or 6.2 percent of the wage base. Under the OASDI amount released in October, the employee portion was to be $7,979.40. Employers match the employee amount with an equal contribution.

The Internal Revenue Service released the 2017 Form 940, Employer’s Annual federal Unemployment (FUTA) Tax Return, the form’s 2017 Schedule A, Multi-State Employer and Credit Reduction Information, and updated instructions for completing the form. The deadline for filing the 2017 Form 940 and its schedules is Jan. 31, 2018.

State:

Standard deductions are to increase in Missouri and in Oregon in 2018, according to announcements by the states’ respective revenue departments.

The New York Department of Taxation and Finance released the 2018 withholding tables for New York State, New York City, and Yonkers.

Florida and Utah released unemployment-taxable wage bases and tax rates for 2018. Idaho andHawaii released 2018 unemployment-taxable wage bases and New Mexico released 2018 unemployment tax rates for new employers.

JAZLYN WILLIAMS

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