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SSA’s wage ceiling set to increase

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The Social Security Administration (SSA) announced that the wage ceiling will increase to $118,500 for 2015, up from $117,000 in 2014.

At least the Social Security and Medi­­care tax withholding rates will remain the same. The rates are 7.65% on amounts up to the wage ceiling (6.2% for the Social Security tax plus 1.45% for the Medicare tax) and $1.45% on amounts above that threshold (for the Medicare tax). However, at higher wage levels, the 0.9% additional Medicare tax raises the Medicare tax withholding rate to 2.35%.

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