As we start a new year, it’s time to adjust payroll settings to properly reflect the new Social Security wage base for 2015. The Social Security Administration (SSA) announced the 2015 Social Security wage base increased from $117,000 to $118,500 making the maximum tax paid by employees related to old age, survivors, and disability insurance (OASDI) $7,347.
To view the SSA’s website regarding the 2015 wage base increase, please click here.
Kelly A. O’Leary, CPA, CGMA, MBA, CITP, CIA, CFE
Vice President, Finance and Administration
Photo Credit: 123RF Stock Photo