Document: Social Security Wage Base

Question: what is the wage base for social security
Short answer: $128,400 and
Answer: In 2018, the Social Security Wage Base was $128,400 and the Social Security tax rate was 6.20 % paid by the employee and 6.20 % paid by the employer. A person with $10,000 of gross income had $620.00 withheld as Social Security tax from his check and the employer sent an additional $620.00. A person with $130,000 of gross income in 2017 incurred Social Security tax of $7,886.40 ( resulting in an effective rate of approximately 6.07 % - the rate was lower because the income was more than the 2017 `` wage base '', see below ), with $7,886.40 paid by the employer. A person who earned a million dollars in wages paid the same $7,886.40 in Social Security tax ( resulting in an effective rate of approximately 0.79 % ), with equivalent employer matching. In the cases of the $130 k and $1 m earners, each paid the same amount into the social security system, and both will take the same out of the social security system.

Question: when was the last time the social security cap was raised
Short answer: 2018
Answer: Year Wage Base Increase Maximum Social Security Employee Share Maximum Social Security Employer Share Maximum Total Contribution to Social Security 2018 $128,400 0.9 % $7,960.80 $7,960.80 $15,921.60 2017 $127,200 7.3 % $7,886.40 $7,886.40 $15,772.80 2016 $118,500 0.0 % $7,347.00 $7,347.00 $14,694.00 2015 $118,500 1.3 % $7,347.00 $7,347.00 $14,694.00 2014 $117,000 2.9 % $7,254.00 $7,254.00 $14,508.00 2013 $113,700 3.3 % $7,049.40 * * $7,049.40 $14,098.80 2012 $110,100 3.1 % $4,624.20 * $6,826.20 $11,450.40 2011 $106,800 0.0 % $4,485.60 * $6,621.60 $11,107.20 $106,800 0.0 % $6,621.60 $6,621.60 $13,243.20 2009 $106,800 4.7 % $6,621.60 $6,621.60 $13,243.20 2008 $102,000 4.6 % $6,324.00 $6,324.00 $12,648.00 2007 $97,500 3.5 % $6,045.00 $6,045.00 $12,090.00 2006 $94,200 4.7 % $5,840.40 $5,840.40 $11,680.80 2005 $90,000 2.4 % $5,580.00 $5,580.00 $11,160.00 $87,900 1.0 % $5,449.80 $5,449.80 $10,899.60 2003 $87,000 2.5 % $5,394.00 $5,394.00 $10,788.00 2002 $84,900 5.6 % $5,263.80 $5,263.80 $10,527.60 $80,400 5.5 % $4,984.80 $4,984.80 $9,969.60 2000 $76,200 $4,724.40 $4,724.40 $9,448.80

Question: what is the maximum employee social security contribution
Answer: Year Wage Base Increase Maximum Social Security Employee Share Maximum Social Security Employer Share Maximum Total Contribution to Social Security 2018 $128,400 0.9 % $7,960.80 $7,960.80 $15,921.60 2017 $127,200 7.3 % $7,886.40 $7,886.40 $15,772.80 2016 $118,500 0.0 % $7,347.00 $7,347.00 $14,694.00 2015 $118,500 1.3 % $7,347.00 $7,347.00 $14,694.00 2014 $117,000 2.9 % $7,254.00 $7,254.00 $14,508.00 2013 $113,700 3.3 % $7,049.40 * * $7,049.40 $14,098.80 2012 $110,100 3.1 % $4,624.20 * $6,826.20 $11,450.40 2011 $106,800 0.0 % $4,485.60 * $6,621.60 $11,107.20 $106,800 0.0 % $6,621.60 $6,621.60 $13,243.20 2009 $106,800 4.7 % $6,621.60 $6,621.60 $13,243.20 2008 $102,000 4.6 % $6,324.00 $6,324.00 $12,648.00 2007 $97,500 3.5 % $6,045.00 $6,045.00 $12,090.00 2006 $94,200 4.7 % $5,840.40 $5,840.40 $11,680.80 2005 $90,000 2.4 % $5,580.00 $5,580.00 $11,160.00 $87,900 1.0 % $5,449.80 $5,449.80 $10,899.60 2003 $87,000 2.5 % $5,394.00 $5,394.00 $10,788.00 2002 $84,900 5.6 % $5,263.80 $5,263.80 $10,527.60 $80,400 5.5 % $4,984.80 $4,984.80 $9,969.60 2000 $76,200 $4,724.40 $4,724.40 $9,448.80