07 June 2018 Social Security Administration publishes wage base projections for 2019 through 2027 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 2019–2027 as recently published by the Social Security Administration (SSA). (The 2018 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Disability Insurance Trust Funds, June 5, 2018, Table V.C.I, pg. 116) In reviewing the chart shown below, keep in mind that the SSA provides three estimates — high, intermediate and low. For 2018, the actual wage base is $128,400, lower than the intermediate and low-cost estimate of $130,500 in 2017. The June 2018 projections reflect an increase to $132,300 in 2019 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 be depleted in 2032. (Social Security Administration press release, June 5, 2018.)
Document ID: 2018-1175 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
