Increase in Social Security Wage Base for 2017

On October 18, 2016, the Social Security Administration announced the 2017 tax rates and wage base. The Social Security wage base will increase from $118,500 to $127,200 for individuals starting January 1, 2017, and there will be no limit for Medicare wages.

The tax rate for Social Security remains at 6.2% and Medicare at 1.45% with an additional .9% wages in excess of $200,000.