Social Security Tax Increase for 6% of Taxpayers |
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Social Security Tax Increase for 6% of Taxpayers

The Social Security Administration announced that the wage base will increase to $117.000 for 2014.  It is estimated that this will result in an increase in Social Security taxes for 6% of taxpayers.  This increase is required to offset a 1.5% cost-of-living adjustment for more than 57 million Social Security beneficiaries.Click here to read the press release or click here to read analysis of this change.

 

Disclaimer: These materials are provided for informational purposes only and are not intended as legal or tax advice. Readers of the IBS blog should consult their legal or tax professionals to discuss how these matters relate to their individual circumstances.

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