07 September 2021 Social Security Administration publishes wage-base projections for 2022 through 2030 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 2022 through 2030 as recently published by the Social Security Administration (SSA). (The 2021 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds, August 31, 2021, Table V.C.I.) In reviewing the chart shown on the following page, keep in mind that the SSA provides three estimates — high, intermediate, and low. For 2021, the actual wage base is $142,800, higher than the projected intermediate and high-cost estimate of $136,800 and higher than the low- cost estimate of $141,900 in the April 2020 Annual Report of the Board of Trustees. The August 2021 projections reflect an increase in 2022 to $146,700 (intermediate and high cost) and $147,300 (low cost). The Trustees Report states that the will have dedicated resources sufficient to cover benefits until 2033, one year sooner than predicted last year, and the combined OASI and Disability Insurance (DI) trust funds will last until 2034, also one year earlier from last year's report. The DI Trust Fund is projected to be depleted in 2057, eight years earlier than predicted last year. (Social Security Administration press release, August 31, 2021.)
Document ID: 2021-1601 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
