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Social Security wage base update

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in Small Business Tax,Small Business Tax Deduction Strategies

The Social Security wage base for 2014 is $117,000, up $3,300 from 2013. But the tax rate for both employers and employees is scheduled to remain at 7.65% on wages up to the base and 1.45% above that.

Note that the 0.9% Medicare surtax still applies to single filers with wages above $200,000 and joint filers above $250,000. Social Security benefits are rising 1.5% in 2014, slightly less than last year’s adjustment.

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