January is the month in which employers are required to meet certain reporting obligations. Among other responsibilities, employers are reminded to do, before the end of the month, such things as determine the Social Security wage base to be used for the current year; File Form 941 with the IRS for the last quarter of 2005; match year-end wage data on the 2005 W-2s with cumulative totals on employer's quarterly Form 941s.

Social Security beneficiaries in 2006 will see a moderate increase in their monthly checks based on data released by the Bureau of Labor Statistics. As a result of inflation, an increase of 4.1% will be applied to this coming year's benefits, starting with December 2005 benefits, which are paid in January 2006. The maximum amount of earnings subject to Social Security tax (taxation under FICA and SECA) will increase to $94,200.