Social Security – What’s New for 2017?

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

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