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    2018 FICA Increase

    The Social Security wage base will increase from $127,200 to $128,400 in 2018, lower than the $130,500 some projected. 

    • The Medicare tax rate for 2018 remains at 1.45% of all covered earnings for employers and employees.
    • The Additional Medicare Tax of 0.9% applies to earned income of more than $200,000 ($250,000 for married couples filing joint).
    • Employers are required to withhold the additional 0.9% on covered wages in excess of $200,000, but there is
      no employer matching contribution.

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    You can access the complete Social Security Administration fact sheet here.

     


    This information is distributed with the understanding that the publisher is not rendering legal, accounting, tax or other professional services. If legal advice or other assistance is required, an attorney, CPA or tax advisor should be consulted.

     

    Topics: Tax Industry News
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