The Social Security Wage Base for 2017 will be $127,200.
Wages and self-employment earnings in excess of this amount will not be subject to the 6.2% employer-paid social security tax or the 6.2% employee share.
Earnings from self-employment in excess of $127,200 will not be subject to the 12.4% social security portion of the self-employment tax.
There is no limit to the amount of earnings subject to the 1.45% Medicare tax.
Benefits for 2017 are increasing 0.3%.
Single taxpayers with earnings from employment over $200,000 and married taxpayers with earnings over $250,000 will again be subject to the Medicare surtax of 0.9%.
– Mark S Gleason CPA
