31. August 2011 07:56
The Social Security Administration has released the proposed figures for the increase in the wage base for taxation for 2012 and projected some figures for the years up to 2015.
The Social Security wage base, now at $106,800, is projected to increase to $110,700 in 2012, according to the annual report of the Social Security Board of Trustees. Also – in 2012, the temporary 2% reduction in the Social Security withholding tax will expire.
This will increase the social security tax paid by high wage earners from $4,485.60 (in Year 2011) to $6,863 (in Year 2012).
Future wage bases have been projected for the years up to 2015 as well: for 2013, the base is projected at $113,100; for 2014, $117,600; and for 2015, $122,700.
Current federal income tax table: