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SSA revises 2018 wage base for computing Social Security tax

The Social Security Administration (SSA) has revised its previously issued announcement of the 2018 wage base for computing the Social Security tax. The corrected amount is $128,400. Earlier this fall, the SSA had announced that the 2018 Social Security tax maximum would be $128,700. The new, corrected amount is based on updated wage data reported to Social Security in late October. Also, as previously announced, for 2018 the FICA tax rate for employers will be 7.65%: 6.2% for the Social Security tax and 1.45% for the Medicare tax.

Bradley H. Kearns, CPA, bkearns@sek.com

Nathaniel L. Fissel, CPA, MST, nfissel@sek.com

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