Social Security Wage Base Increase for 2015
January 26, 2015
The Social Security wage base, the amount of an employee's salary (after applicable pre-tax deductions) that can be taxed for Social Security purposes, has risen from $117,000 in 2014 to $118,500 in 2015. This means that the first $118,500 of an employee's taxable wages is subject to Social Security deductions.
An employee's entire taxable salary is subject to Medicare deductions.
The employer and employee tax rates will remain the same in 2015.
Source: UW Service Center
Categories: WI Retirement System (WRS)