The IRS and SSA have announced the limits pertaining to the 2017 calendar year. For additional information about these important compliance items please visit:
IRS: https://www.irs.gov/uac/newsroom/irs-announces-2017-pension-plan-limitations-401k-contribution-limit-remains-unchanged-at-18000-for-2017
SSA: https://www.ssa.gov/news/press/factsheets/colafacts2017.pdf
The 2017 versions of Internal Revenue Service (IRS) Publication 15, Circular E, Employer's Tax Guide and Publication 15-B, Employer's Tax Guide to Fringe Benefits have been released by the Internal Revenue Service. These IRS Publications contain important federal tax information for employers, including payroll and nonpayroll income tax withholding.
Publication 15 (Circular E) explains an employer’s tax responsibilities and contains the final 2017 federal income tax percentage method and wage bracket withholding tables, important updates for 2017, and employer instructions for payroll and nonpayroll tax withholding. For a copy of the Publication 15 please click here.
Publication 15-B, Employer’s Tax Guide to Fringe Benefits supplements Publication 15 and Publication 15-A. It contains information for employers on the employment tax treatment of fringe benefits. For a copy of the Publication 15-B please click here.
The 2017 Form W-4, Employees Withholding Allowance Certificate is now available. Employees are required to complete a valid Form W-4 in order for employers to withhold the correct federal income tax from pay. Employees should consider completing a new Form W-4 each year or when their personal or financial situation changes. For employees claiming exemption from withholding for 2016 the exemption expires on February 15, 2017 and a new valid Form W-4 must be submitted. For a copy of the 2017 Form W-4 please click here.