The income level for those paying into Social Security will rise slightly this year.
The Social Security Administration announced in the fall that the 2018 taxable wage amount will increase from $127,200 to $128,700. In other words, the maximum amount of wages in 2018 that are subject to the 6.2 percent Social Security tax rose by a little more than 1 percent. By comparison, the 2017 wage base increased more than 7 percent over the 2016 wage base.
As a result the maximum amount of Social Security tax a taxpayer could pay will increase $93, to $7,979.40 this year.