19 July 2017 Social Security Administration publishes wage base projections for 2018 through 2026 For those responsible for employment tax budgets, or just curious what the future may hold, following are the estimated Social Security wage base limits for employers and employees for calendar years 2018-2026 as recently published by the Social Security Administration (SSA). (The 2017 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Disability Insurance Trust Funds, July 13, 2017, Table V.C.I, pg. 116) In reviewing the chart, keep in mind that the SSA provides three estimates — high, intermediate and low. For 2017, the actual wage base is $127,200, higher than the intermediate and low-cost estimate of $126,000. The July 2017 projections reflect an increase to $130,500 in 2018 under the intermediate, low and high-cost estimates. The Trustees Report states that the will have dedicated resources sufficient to cover benefits until 2034. The Disability Insurance (DI) Trust Fund is projected to remain solvent through 2028. The Medicare Hospital Insurance (HI) Trust Fund will have sufficient funds to cover its obligations until 2029. (Board of Trustees Report Summary, July 13, 2017.)
Document ID: 2017-1170 | ||||||||||||||||||||||||||||||||||||||||||||
