The Social Security (FICA) wage base and tax rate.
Wage base: $127,200.00.
Rate: 6.2% for employees and 6.2% for employers.
Maximum deduction: $7,886.40 ($127,200.00 x 6.2%).
If you reached the wage base threshold in 2016, this tax resumes with the first payroll in 2017; resulting in a change in the net of your payroll check from the last one in 2016 to the first one in 2017.
The Medicare (OASDI) wage base remains unchanged.
Wage base: No wage limit.
Rate: 1.45% for employees and 1.45% for employers.
Wages paid in excess of $200,000 are subject to an additional .9% Medicare tax which is withheld from employees’ wages. Employers are not subject to the additional tax.