Your Guide to 2022 Tax Updates

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It’s important to know about upcoming changes to tax laws for businesses. Prepare your company’s budget with this cheat sheet!

2022 Tax Update Breakdown

Social Security wage base First $147,00 of wages in 2022
FICA – Social Security (OASDI) 6.2%, up to the wage base
FICA – Medicare
1.45% up to $200,000, then 2.35% (The additional 0.9% is assessed to the employee only)
401(k) maximum deferral $20,500
401(k) additional deferral for ages 50+ $6,500
HSA contribution limit $3,650 individual, $7,300 family
HSA additional contribution for ages 55+ $1,000
FSA contribution limit $2,850 FSA and LPFSA, $5,000 DCA
Federal minimum wage $7.25, use state wage if higher
Mileage rate – business use $0.58.5 per mile
SUTA wage base – Colorado $17,000
SUTA wage base – Illinois $12,960
SUTA wage base – Minnesota Final 2022 update pending
SUTA wage base – Oklahoma $24,800
SUTA wage base – Tennessee Final 2022 update pending
SUTA wage base – Texas $9,000
SUTA wage base – all other states APA state-by-state guide
FUTA wage base First $7,000 of wages in 2022
FUTA tax rate 0.60% net, up to the wage base (6% rate, minus credit of up to 5.4%)

Consult with your financial advisor to find out what these changes will mean for you and your company. If you have additional questions, contact us online or call us at 888-811-5150.

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