Social Security taxable wage base announced for 2018
The 2018 Social Security wage base increases to $128,700 (up $1,500 from the 2017 wage base). The maximum Social Security tax employees and employers will each pay in 2018 is $7,979.40 ($128,700 x 6.2%).
The employer’s portion of Medicare tax remains unchanged at 1.45 percent. Wages paid in excess of $200,000 are subject to the 0.9 percent Additional Medicare Tax (1.45% + 0.9% = 2.35% total) and are withheld from only the employees’ wages.
Questions? Please contact University Payroll and Tax Services at (352)392-1231 or email@example.com.