Social Security Wage Base Increase for 2014
January 23, 2014
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 $113,700 in 2013 to $117,000 in 2014. This means that the first $117,000 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 2014.
Source: UW System Administration
Categories: WI Retirement System (WRS), Retirement