Month: November 2022

Inflation Adjustments By The IRS May Mean Less Taxes For Many Americans

Filers whose salaries have not kept pace with inflation could see savings on their federal income tax bills. The rapidly rising cost of food, energy, and other daily staples could allow many Americans to reduce their tax bills next year. Tax rates are adjusted for inflation, which typically means incremental movements in the thresholds for what income is taxed at what rate. But after a year that brought America’s fastest price growth in four decades, the shift in rates is far more notable: an …

Annual Taxable Wage Bases For 2023

Several states have released their state unemployment insurance (SUI) taxable wage bases for 2023. Employers should be aware that due to UI trust fund balances that are lower than anticipated and economic concerns regarding employer taxes, some states may make changes to their taxable wage bases later this year or early next year.