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.
