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2014 Social Security Taxable Wage Base Announced
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.