Social Security Wage Base To Grow 7 Percent

By:
Chris Gaetano
Published Date:
Oct 20, 2016
Courtesy of the Social Security Administration

The maximum amount of wages subject to the Social Security tax will be growing by 7 percent in 2017 according to a recent announcement from the Social Security Administration. The maximum taxable earnings are set to go from the current $118,500 to $127,200, an increase of $8,700. The Journal of Accountancy notes that this is quite the contrast from last year's increase of zero percent. The tax rate will remain 7.65 percent for employees and 15.30 percent for the self-employed, and that the average monthly benefit will increase by $5, going from $1,355 to $1,360. 

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