Social Security Wage Base For 2015 Increases To $118,500

The Social Security Wage Base for 2015 will be $118,500. Wages and self-employment earnings in excess of this amount will not be subject to the 6.2% employer-paid social security tax or the 6.2% employee share. Earnings from self employment in excess of $118,500 will not be subject to the 12.4% social security portion of the self employment tax.

Single taxpayers with earnings from employment over $200,000 and married taxpayers with earnings over $250,000 will again be subject to the medicare surtax of .9%.

- Mark S Gleason CPA
  www.lakes-cpa.com