{"id":2653,"date":"2015-10-16T09:38:57","date_gmt":"2015-10-16T13:38:57","guid":{"rendered":"http:\/\/gtm.com\/business\/?p=2653"},"modified":"2021-03-27T16:07:04","modified_gmt":"2021-03-27T20:07:04","slug":"social-security-wage-base-for-2016","status":"publish","type":"post","link":"https:\/\/gtm.com\/business\/social-security-wage-base-for-2016\/","title":{"rendered":"Social Security Wage Base for 2016"},"content":{"rendered":"<p>Yesterday the <a href=\"http:\/\/www.ssa.gov\/news\/press\/factsheets\/colafacts2016.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Social Security Administration (SSA) announced<\/a> that the Social Security wage base for 2016 will remain the same as 2015 &#8211; $118,500. Two other items remain unchanged from this year: all covered wages are still subject to the 1.45% Medicare tax, and wages paid over $200,000 next year still require an extra 0.9% Medicare tax withheld from employee wages (employers do not pay this extra tax).<\/p>\n<p>The FICA tax rate will also be unchanged from 2015 &#8211; it will still be the combined Social Security tax rate of 6.2% with the 1.45% Medicare Tax rate, totaling 7.65% up to the maximum\u00a0Social Security wage base. The maximum\u00a0Social Security tax is also the same from 2015, $7,347. Employers and employees each pay up to this maximum for 2016.<\/p>\n<p>The\u00a0Social Security wage base will remain the same for self-employed individuals as well &#8211; $118,500. 15.3% will be the self-employment tax rate, reflecting the combined\u00a0Social Security tax rate of 12.4% with the 2.9$ Medicare tax rate, up to the\u00a0Social Security wage base. The maximum\u00a0Social Security tax will be $14,694 for 2016.<\/p>\n<p>For more information on how these items may affect your business, and to learn how GTM can help keep you compliant with tax laws, <a href=\"\/business\/contact-gtm\/\" target=\"_blank\" rel=\"noopener noreferrer\">contact us<\/a> at (518) 373-4111.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Yesterday the Social Security Administration (SSA) announced that the Social Security wage base for 2016 will remain the same as 2015 &#8211; $118,500. Two other items remain unchanged from this year: all covered wages are still subject to the 1.45% Medicare tax, and wages paid over $200,000 next year still require an extra 0.9% Medicare [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[232],"tags":[11,16,26,10,45,23,15],"post_folder":[],"class_list":["post-2653","post","type-post","status-publish","format-standard","hentry","category-gtm-biz-blog-isolved","tag-business-payroll","tag-employees","tag-irs","tag-small-business","tag-social-secruity-administration","tag-taxes","tag-wage-rate"],"_links":{"self":[{"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/posts\/2653","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/comments?post=2653"}],"version-history":[{"count":1,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/posts\/2653\/revisions"}],"predecessor-version":[{"id":8847,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/posts\/2653\/revisions\/8847"}],"wp:attachment":[{"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/media?parent=2653"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/categories?post=2653"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/tags?post=2653"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/post_folder?post=2653"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}