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The Social Security Administration (SSA) has projected an increase in the Social Security wage base from $113,700 for 2013, to $115,500 for 2014.

Social Security Projects Higher Wage Base For 2014

  • 6/26/2013

Social Security Projects Higher Wage Base For 2014

In its annual report to Congress, the Social Security Administration (SSA) has projected an increase in the Social Security wage base for 2014. The wage base is projected to increase from $113,700 for 2013 to $115,500 for 2014.

The SSA projects that, under "intermediate" assumptions, the wage base will rise to $165,500 by 2022. Looking back eight years, the wage base was $94,200 in 2006.

FICA and Medicare rates

For employers and employees, the current Federal Insurance Contributions Act (FICA) rate is 7.65 percent each (6.2 percent for old age, survivors, and disability insurance (OASDI) up to the wage base and 1.45 percent each for hospital insurance (HI) with no wage limit). In addition, starting in 2013, a 0.9 percent additional Medicare tax applies to all wages that exceed $200,000 ($250,000 for joint returns and $125,000 for married individuals filing separately.)

Similarly, the self-employed FICA rate continues at 12.4 percent OASDI up to the wage base and 2.9 percent for HI without a cap; plus 0.9 percent Additional Medicare Tax for earned income, whether from wages or self-employment, above the $200,000, $250,000, and $125,000 thresholds. The above-the-line deduction for half of FICA taxes paid continues to apply.

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