The Social Security Administration (SSA) has announced a correction to its previously issued announcement regarding the wage base for computing the Social Security tax in 2018. The corrected amount is $128,400. In October 2017, the SSA announced that for 2018 the maximum would be $128,700 for 2018. Also an update on tax reform. The Senate passed their version of tax reform on Saturday morning. The House had earlier passed their version. Now the two sides go to a conference

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

Today we will discuss the Social Security wage base for 2016. The Social Security Administration has announced that the wage base for computing the Social Security tax (OASDI) in 2016 will remain at $118,500, unchanged from 2015. 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). As determined by th

Today we will address the updated Social Security wage base for 2014. The Social Security Administration has announced that the wage base for computing the Social Security tax in 2014 increases to $117,000 from $113,700, which was the wage base for 2013. The $3,300 increase, which is about 2.9%, is due to an increase in average total wages. The Federal Insurance Contributions Act (FICA) imposes two taxes on employers, employees, and self-employed workers—one for Old Age, Surv