Compliance
Social Security Announces 2014 Benefit Increase
The Social Security Administration (SSA) has announced a 1.5% benefit increase for 2014.
Reported by Kevin McGuinness
Other changes that take effect in January of each year are based on the increase in average wages. Based on that increase, the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase from $113,700 to $117,000. Of the estimated 165 million workers who will pay Social Security taxes in 2014, about 10 million will pay higher taxes as a result of the increase in the taxable maximum, according to the SSA.
More information about how the COLA is calculated can be found here.