Overtime Rule set to go into Effect December 1st Temporarily Blocked

If you were preparing for the Final Overtime Rule that was set to go into effect on December 1st, you can put that on hold for a little while longer. On Tuesday, November 22nd, a federal judge in Texas issued a nationwide injunction to temporarily block the U.S. Department of Labor (DOL) from implementing and […]

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IRS Issues 2017 Benefits and Contributions Limits

The Internal Revenue Service recently announced the cost-of-living adjustments (COLA) for tax year 2017, that apply to dollar limits for 401(k) and other retirement plans. The announcement highlighted the following: 401(k), 403(b) and profit-sharing plan elective deferrals will remain the same at $18,000.       The catch-up contribution amount remains unchanged as well ($6,000) […]

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Increase in Social Security Wage Base for 2017

The Social Security Administration (SSA) announced an increase in the maximum earnings subject to the Social Security part of the FICA tax. The wage base will increase from $118,500 to $127,200 for 2017. This means that the maximum Social Security tax that employers and employees will each pay will increase from $7,347.00 to $7,886.40 ($127,200 […]

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