The Social Security Administration (SSA) has announced that the 2015 Social Security taxable wage base is increasing to $118,500, up $1,500 from the 2014 taxable wage base of $117,000. Once an employee reaches this taxable wage threshold no further Social Security tax will be withheld.
FICA Tax Rates
The 2015 FICA tax rate for employees will remain at 7.65%. This is the combined rate for Social Security and Medicare. The Social Security portion is 6.2% on earnings up to the taxable wage base of $118,500, and the