2017 Payroll Taxes
Every year, we send our clients a letter summarizing the payroll tax provisions that may affect their business.
We welcome you to download our 2017 Annual Payroll Tax Update Letter. It highlights important tax law changes and provides an overview of the complicated filing and reporting requirements.
Please review the information it provides then please call us with any questions you may have about these or other tax matters.
Also, please feel free to download these frequently used forms as needed:
The Social Security withholding rate for 2017 remains at a rate of 6.20% with the Social Security wage base increased for 2017 to a limit of $127,200. Accordingly, the maximum Social Security withholding for 2017 will be $7,886.40.
In regards to Medicare withholding, both the employer and employee rates will remain 1.45% on the first $200,000 in wages earned by an employee. The WITHHOLDING RATE remains at 2.35% on wages paid in excess of $200,000 in 2017. (This two-tiered withholding rate for Medicare is only on the withholding side. The employer portion of Medicare tax will remain unchanged at 1.45% with an unlimited taxable wage base.)
If you have any questions regarding this information, please contact Jackie Roberts at ext. 113.
MINIMUM WAGE INCREASE - STATE OF OHIO
The minimum wage in the State of Ohio increases to $8.15 ($4.08 for tipped employees) per hour effective January 1, 2017