Tax Tip Tuesday: Social Security Wage Base for 2018
October 31, 2017
Update: the Social Security Administration announced a correction to this amount. It is now $128,400.
Today we will discuss the Social Security wage base for 2018.
The Social Security Administration has announced that the wage base for computing the Social Security tax (OASDI) in 2018 will increase to $128,700, up from $127,200 in 2017.
The Social Security Act provides for an automatic increase in Social Security and Supplemental Security Income (SSI) benefits if there is an increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).
Disclaimer: The items included in the Tax Tip Tuesday Video Blog are informational only and are not meant as tax advice. Consult with your tax advisor to determine how any item applies to your situation. IRS Circular 230 disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advise contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein