2014 Social Security Taxable Wage Base Announced

Posted on October 30, 2013 2014 social security taxable wage base

The Social Security Administration has announced that the 2014 Social Security taxable wage base is increasing to $117,000, up $3,300 from the 2013 taxable wage base of $113,700.

The 2014 FICA tax rate for employees will be 7.65%. This is the combined rate for Social Security and Medicare. The Social Security portion is 6.2% on earnings up to the taxable wage base of $117,000, and the Medicare portion is 1.45% on all earnings.

For employees that have excess taxable wages over $200,000, the employees are taxed an additional 0.9% for Medicare, increasing their total FICA amount to 8.55%. However, this additional Medicare tax does not apply to employers.

For more information, visit the Social Security Administration website.

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