On Wednesday, October 30th, the Social Security Administration (SSA) announced the 2014 Social Security wage base. For the 2014 tax year, the wage base is increasing from $113,700 to $117,000 making the maximum tax paid by employees related to old age, survivors, and disability insurance (OASDI) $7,254.
To read Sally P. Schreiber J. D.’s article published by the Journal of Accountancy and to see other relevant SSA tax information, please click here.
Kelly A. O’Leary, CPA, CGMA, MBA, CITP, CIA
Vice President, Finance and Administration