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Social Security Administration Ups Earning Cap for 2017 to $127,200.
Moved to Page 3 [Paychex] Next year, millions more U.S. workers than in 2016 will pay higher Social Security taxes thanks to the Social Security Administration's (SSA's) 2017 tax rate and wage base. The SSA has raised the maximum amount of earnings subject to the Social Security payroll tax by 7.3 percent to $127,200--up by $8,700 from the $118,500 maximum for 2016 and 2015.The SAA notes, "Of the estimated 173 million workers who will pay Social Security taxes in 2017, about 12 million will pay more because of the increase in the taxable maximum." The adjustment, effective Jan. 1, is the largest one-year bump since 1983, and stems from the government's estimate of real-wage growth. When it happens at about the same time each year.... is it still news ? Posted by: Besoeker 2017-02-26 |
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