The IRS has released the covered compensation tables for the 2022 plan year. For purposes of determining covered compensation for the 2022 year, the taxable wage base is $147,000. The taxable wage base is the amount of an employee’s wages that is subject to Social Security tax. It is also used by employers for qualified retirement plan and defined benefit plan requirements. For more information in Revenue Ruling 2022-2: https://bit.ly/3pZE23v Call or visit our website for more information! www.mjscpa.com/
