Yesterday I very quickly posted the 2015 social security wage base within a half hour after it was released by the SSA to make sure my readers got it as soon as possible. But now I want to take the time to do all the math for you so you have all the details for the 2015. First, again, the 2015 social security wage base is $118,500. This is up $1,500 from the current base of $117,000. The rate does not change. It will still be 6.2% for employees and 6.2% for employer unless Congress passes legislation during its lame duck session after the November elections. The maximum tax that can be deducted in 2015 is $7,347.00. That is up $93 from this year.
The Medicare rate also remains 1.45 percent for both employees and employers and there is no wage limit. The Additional Medicare Tax still kicks in at $200,000 in wages and still has a rate of 0.9% paid by the employee only.