A new year brings on new changes, and your payroll is no different. With the start of a new year, we have new pension plans, tax revisions, income tax rates, retirement earnings, social security, FICA, and more. So what are some of the biggest changes you should be aware of this year? What will make the biggest impact on your payroll?
FICA Tax Increase
This next year brings in some FICA changes we’ve all been expecting. The amount of income that is taxable with FICA has increased to $128,400 for 2018.
2018 is also bringing in some more money to your HSA accounts. HSA maximum contributions will increase to $3,450 for individuals and $6,900 for family contributions. That is good news for your healthcare!
Are you ready for retirement? If not, you’ll have a better chance of catching up! 2018 will allow 401K limits to rise from $18,000 to $18,500. Plus for those 50+, catch up limits have risen to $6,000. Retirement is in sight!
These are just a few changes you can expect in the new year. What are some of the changes you are anticipating this new year? Let us know!