New Withholding Limit For Social Security Fax
The Social Security Administration (SSA) announced that the maximum amount of wages in 2017 subject to the 6.2% Social Security tax (old age, survivor, and disability insurance) will rise from $118,500 to $127,200, an increase of more than 7%.
Thus, the maximum OASDI (Social Security) tax payable by an employer in 2017 would be $7,886.40. This is a $539.40 increase from 2016.
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If you have any questions or comments regarding the aforementioned, please do not hesitate to contact any of the following attorneys from our Corporate & Tax Practice Group at your convenience:
| Luis L. Torres-Marrero | (787) 523-3438 | ltorres@cstlawpr.com |
| Miguel A. Santiago-Rivera | (787) 523-3436 | msantiago@cstlawpr.com |
| Diana M. Alcaraz-Irizarry | (787) 523-3435 | dalcaraz@cstlawpr.com |
| Janice Seda-Irizarry | (787) 523-3434 | jseda@cstlawpr.com |
| Alberto J. E. Añeses-Negrón | (787) 523-3466 | aaneses@cstlawpr.com |
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