By Tony Dai, CPA, Senior Tax Manager
ASL Technology Group
The Social Security Administration announced that the maximum wages in 2018 subject to the 6.2% Social Security tax, or “FICA”, will rise from $127,200 to $128,700, an increase of just over 1%. The FUTA (Federal Unemployment Tax Act) taxable wages ($7,000) is expected to remain unchanged. It is important to calculate both FICA and FUTA taxes correctly when an employee has multiple employers during the year. (more…)