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2016 Social Security wage base is released

by MICPA | Oct 20, 2015   ()

The Social Security Administration announced that there would be no increase in the amount of wages subject to Social Security taxes (old age, survivor, and disability insurance) for 2016. (There is no limit on the amount of wages subject to the Medicare tax.)

Because the consumer price index did not increase from the third quarter of 2014 to the third quarter of 2015, there will be no cost-of-living adjustment (COLA) in the amount of Social Security benefits paid next year.

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Source: MICPA
Source: MICPA

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