Below are federal payroll tax rates and benefits contribution limits for 2022. Social Security tax In 2022, the Social Security tax rate is 6.2% for employers and employees, unchanged from 2021. The Social Security wage base is $147,000 for employers and employees, increasing from $142,800 in 2021. Self-employed people must pay 12.4% on the first $147,000. Medicare tax … Read more
Traditionally, employees have to opt into retirement plans and make their own decisions about contributions. But there’s another possibility: automatic enrollment in a 401(K). If they choose to enroll their staff automatically, companies have three options: Basic 401(K) auto enrollment, also called an “Automatic Contribution Arrangement” (ACA) Employees are automatically enrolled in the 401(k) plan … Read more
Imagine you’re a nursing home manager trying to replace a nurse’s aide. But the resumes aren’t coming in like they usually do. You can’t figure out why until an applicant points out that you’re offering the same hourly wage as McDonald’s and asks what you have that McDonald’s doesn’t. Lockdown-era furloughs forced huge numbers of … Read more
The IRS has issued the 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2022, the IRS standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be 58.5 cents per mile … Read more
Background: In April of 2020, the Department of Health and Human Services created the Provider Relief Fund in response to the rapid and widespread economic strain caused by COVID-19. Overall, the Provider Relief Fund was distributed to Health Care Providers across the country in 3 large tranches (a fourth tranche was recently opened in September … Read more
