New Year, New Social Security Wage Base

Copyright: <a href='http://www.123rf.com/profile_zimmytws'> / 123RF Stock Photo</a>By Matt Sturdivant

A new year means new beginnings. Well, maybe not, but it does mean a new Social Security wage base. The Social Security Administration announced there will be an increase from $117,000 to $118,500 for the 2015 wage base.

Social Security’s Old-Age, Survivors, and Disability Insurance (OASDI) 2015 tax rate will be 6.2 percent for both employees and employer. This in turn would make the maximum contributed per individual to be $7,347. The individual’s employer will pay the same amount. For those who are self-employed, the OASDI tax rate is 12.4 percent.

You can learn more about this by visiting Social Security’s Contribution and Benefit Base page of their website.

Copyright: 123RF Stock Photo