Social Security “Wage Base” Increases for 2018
Social Security “wage base” increases for 2018. The Social Security Administration has announced that the wage base for computing the Social Security tax in 2018 will increase to $128,700. This is up from $127,200 for 2017. For 2018, an employee will pay 6.2% Social Security tax on the first $128,700 of wages. In addition, an employee will pay 1.45% Medicare tax on the first $200,000 of wages and 2.35% Medicare tax on all wages in excess of $200,000. Click here to access the image that accompanies the post above.