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The Voice of the

Commonwealth's Counties

Financial Facts

The Social Security Administration (SSA) announced that the maximum amount of wages subject to the 6.2 percent Social Security tax in 2018 will rise from $127,200 to $128,700, an increase of slightly more than 1 percent. The 2017 wage base increased more than 7 percent over the 2016 base. This raises the maximum a taxpayer can pay by $93, from $7,776.40 to $7,979.40.

The SSA also announced that Social Security beneficiaries will get a 2 percent cost of living increase. In 2017 the increase was 0.3 percent and in 2016 there was no increase.

VACo Contact: Vicky Steinruck, CPA

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