Tax and Minimum Wage Changes for 2017

Posted on 02/17/14 No Comments

 

minimum wageTax and Minimum Wage Changes for 2017

FICA

FICA stands for the “Federal Insurance Contributions Act” and is commonly known as Social Security.  The taxes collected under FICA are used to pay social security benefits.

The FICA limit for 2016 was $118,500. The new limit for 2017 is $127,200. This means that 6.20% will continue to be deducted from your gross wages until you reach the $127,200 limit.

Arizona Minimum Wage Change

The Arizona minimum wage has changed for 2017. The new minimum wage is $10.00 an hour.

If you have questions regarding these or other tax changes for 2015, please contact OneSource Employer Services at 602-553-8300.