Wednesday, October 19, 2016
THIS JUST IN – 2017 SOCIAL SECURITY INCREASES
The following has just been released -
The 2017 Social Security wage base for computing the Social Security component of the FICA tax is 127,200, up from $118,500. The maximum withholding for Social Security tax for 2017 is $7,886.40.
The self-employment tax imposed on self-employed people is 12.4% Social Security tax on the first $127,200 of self-employment income, for a maximum of $15,772.80, plus 2.90% Medicare tax on the all self-employment income.
Click here for a chart of historical contribution and benefit bases from 1937 through 2017.
The Social Security Administration has also announced -
“Monthly Social Security and Supplemental Security Income (SSI) benefits for more than 65 million Americans will increase 0.3 percent in 2017, the Social Security Administration announced today.
The 0.3 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 60 million Social Security beneficiaries in January 2017. Increased payments to more than 8 million SSI beneficiaries will begin on December 30, 2016. The Social Security Act ties the annual COLA to the increase in the Consumer Price Index as determined by the Department of Labor’s Bureau of Labor Statistics.”