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.
