The Social Security Administration has announced that the 2014 social security wage base will be $117,000 up from $113,700 in 2013.  There is no change to the percentage of withholding or matching and both remain at 6.2% up to the wage base for 2014.

 

Most software packages will update this information automatically in mid-December for paychecks dated 1/1/14 and after.  If you need assistance with this or any other payroll related matter contact our payroll experts at JamisonMoneyFarmer PC