Social Security wage base limit
E34495
The Social Security wage base limit is the maximum annual amount of a worker’s earnings that is subject to Social Security payroll taxes, above which no additional Social Security tax is owed.
Aliases (3)
- OASDI wage base ×1
- Social Security payroll tax ×1
- Social Security wage base ×1
Statements (48)
| Predicate | Object |
|---|---|
| instanceOf |
United States Social Security term
→
taxation concept → |
| administeredBy |
Social Security Administration
→
|
| affects |
Social Security disability benefit computation
→
Social Security retirement benefit computation → Social Security survivors benefit computation → |
| alsoKnownAs |
OASDI wage base
→
Social Security wage base → |
| appliesAcross |
all employers combined for a worker
→
|
| appliesInJurisdiction |
United States
→
|
| appliesPer |
calendar year
→
individual worker → |
| appliesTo |
Old-Age, Survivors, and Disability Insurance tax
→
Social Security payroll tax → employee wages → self-employment income → |
| appliesToIncomeType |
salaries
→
tips subject to FICA → wages → |
| appliesToTaxType |
FICA Social Security portion
→
SECA Social Security portion → |
| definedBy |
Social Security Administration
→
|
| determines |
maximum earnings credited for Social Security benefits calculation
→
|
| doesNotApplyTo |
Additional Medicare tax
→
Medicare payroll tax → |
| doesNotApplyToIncomeType |
capital gains
→
interest income → investment income → |
| hasCharacteristic |
annual earnings cap
→
indexed to national average wage index → |
| hasEffect |
limits amount of earnings subject to Social Security tax
→
limits maximum Social Security tax owed per worker per year → |
| hasImplication |
earnings above the limit do not increase Social Security benefits
→
high earners stop paying Social Security tax after reaching the limit → |
| hasPolicyGoal |
cap taxable earnings for Social Security
→
maintain Social Security program financing → |
| isAdjustedBy |
Social Security Administration
→
|
| isAdjustedFrequency |
annually
→
|
| isBasedOn |
National Average Wage Index
→
|
| isExpressedIn |
US dollars
→
|
| isPortionOf |
FICA rules
→
SECA rules → |
| isSetBy |
federal law
→
|
| relevantFor |
employees
→
employers → self-employed individuals → |
| timeIndexed |
varies by tax year
→
|
| usedBy |
Internal Revenue Service
→
|
Referenced by (4)
| Subject (surface form when different) | Predicate |
|---|---|
|
Social Security wage base limit
("Social Security wage base")
→
Social Security wage base limit ("OASDI wage base") → |
alsoKnownAs |
|
Social Security wage base limit
("Social Security payroll tax")
→
|
appliesTo |
|
Federal Insurance Contributions Act taxes
→
|
hasFeature |