Social Security Report

The Social Security Administration has announced that the wage base for computing the Social Security tax in 2015 will increase to $118,500 from $117,000, which was the wage base for 2014. For 2015, the FICA tax rate for employers is 7.65% each—6.2% for social security and 1.45% for medicare. For 2015, an employee pays 6.2% Social Security tax on the first $118,500 of wages with a maximum tax is $7,347.00, plus…Read More

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