October 29, 2014
The Social Security Administration has announced that the wage base for computing the Social Security tax (OASDI) in 2015 will increase to $118,500 from $117,000, which was the wage base for 2014. The $1,500 increase , which is about 1.3%, is due to an increase in average total wages.
The Federal Insurance Contributions Act (FICA) imposes two taxes on employers, employees, and self-employed workers—one for Old Age, Survivors and Disability Insurance (OASDI; commonly known as the Social Security tax), and the other for Hospital Insurance (HI; commonly known as the Medicare tax).
For 2015, the FICA tax rate for employers is 7.65% each—6.2% for OASDI and 1.45% for HI. For 2015, an employee pays:
For 2015, the self-employment tax imposed on self-employed people is:
There is a maximum amount of compensation subject to the OASDI tax, but no maximum for HI.
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