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Office of the Controller
Social Security Wage Base 2017 Increase
The Social Security Administration (SSA) announced that the 2017 social security wage base will be $127,200; an increase of $8,700 from 2016. (The SSA Fact Sheet is available here). As in prior years, there is no limit to the wages subject to the Medicare tax; therefore all covered wages are still subject to the 1.45% tax. Wages paid in excess of $200,000 in 2017 will be subject to an extra 0.9% Medicare tax that will only be withheld from employees' wages.
The Fica tax rate will be 6.2% for 2017 up to the social security wage base. The maximum social security tax employees and employers will each pay in 2017 is $7,886.40.