2015 Payroll Tax Changes
The 2015 Social Security wage base has increased from $117,000.00 to $118,500.00. As in prior years, there is no limit to the wages subject to the Medicare tax; therefore, all covered wages are still subject to the 1.45 percent tax.
Wages paid in excess of $200,000 in 2015 will be subject to an extra 0.9 percent Medicare tax.
The FICA tax rate, which is the combined Social Security tax rate of 6.2 percent and the Medicare tax rate of 1.45 percent remains at 7.65 percent for 2015. The maximum social security tax employees and employers will each pay in 2015 is $7,347.00.
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