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ARTICLE · 09 NOVEMBER 2016

Social Security Wage Base To Increase In 2017

Brown Smith Wallace
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After holding at $118,500 for 2016 and 2015, the Social Security Administration (SSA) has announced that the maximum amount of earnings subject to Old-Age, Survivors and Disability Insurance (OASDI) Social Security tax will rise to $127,200 in 2017.

United StatesTax
Roy H. Kramer, CPA/PFS, CDFA, CDS, NSSA
Roy H. Kramer, CPA/PFS, CDFA, CDS, NSSA
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After holding at $118,500 for 2016 and 2015, the Social Security Administration (SSA) has announced that the maximum amount of earnings subject to Old-Age, Survivors and Disability Insurance (OASDI) Social Security tax will rise to $127,200 in 2017. The SSA cost-of-living adjustments (COLAs) are based on the rise in the average Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the third quarter of 2015 through the third quarter of 2016.

Further, for the year in which an individual attains full retirement age, the retirement earnings test exempt amount increases to $44,880 for 2017. The test applies to earnings from the months prior to when the individual reaches full retirement age. One dollar in benefits will be withheld for every three dollars in earnings above the limit. No limit will be imposed beginning in the month in which the individual reaches full retirement age. For retirees under the full retirement age, the retirement savings

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