 |
jb update 10/16/2012: The wage base for 2013 was confirmed at $113,700.
The Social Security Administration trustees recently projected the wage base for 2013. This is the maximum amount of wage income that an individual earns for the year that is subject to Social Security withholding tax. For 2013, this amount is projected at $113,700.
The new amount is $3,600 more than the 2012 wage base, which is set at $110,100, for an increase of 3.27%. Keep in mind that this is only the increase in the taxed wage base, and there is little correlation between this and any potential increase in benefits for the year.
Future years’ estimated wage bases are projected as follows:
2014: $117,900
2015: $123,000
2016: $128,400
These are only projections, each year in October the SSA trustees will set the amount for the coming year.
