Some of your company’s highest earners won’t be happy when they hear they’ll be paying more taxes next year.
SSA’s Office of the Chief Actuary just announced its annual, mid-year estimate of the following year’s taxable wage base.
In 2012, SSA estimates employees will have to pay Social Security taxes on wages up to $110,700 (plus the unlimited ceiling on Medicare taxes). That’s up from this year’s wage base of $106,800.
SSA won’t announce the official wage base until October, and only then by following formulas set by law. That said, though, the agency’s early predictions have been on the mark the past several years.
Here’s what SSA estimates in future years:
Year/Wage Base
2013: $114,900
2014: $120,000
2015: $125,400
2016: $130,800
2017: $135,900
2018: $141,300
2019: $146,700
2020: $153,300
You can get SSA’s full report here.
