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Starting Jan. 1, 2019, the best balance that will be accountable to the Social Security bulk tax will access by $4,500 to $132,900—up from the $128,400 best for 2018, the Social Security Administration (SSA) appear Oct. 11.

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The taxable allowance cap usually is automatically adapted advancement anniversary year based on increases in the civic boilerplate wage.

About 177 actor U.S. allowance earners will pay Social Security taxes aing year. Among them, about 12 actor workers who acquire aloft $128,400 will see added of their balance taxed, according to the SSA.

Bulk Taxes: Cap on Best Earnings

Type of Bulk Tax

2019 Best Earnings

2018 Best Earnings

Social Security

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$132,900

$128,400

Medicare

No limit

No limit

Source: Social Security Administration.

FICA Ante Set by Law

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Social Security and Medicare bulk taxes are calm calm as the Federal Insurance Contributions Act (FICA) tax. FICA tax ante are statutorily set and can alone be afflicted through new tax legislation.

Social Security is financed by a 12.4 percent bulk tax on accomplishment up to the taxable balance cap, with bisected (6.2 percent) paid by workers and the added bisected paid by employers. Self-employed workers pay the accomplished 12.4 percent. 

For administration and employees, the Medicare bulk tax bulk is a analogous 1.45 percent on all balance (self-employed workers pay the abounding 2.9 percent), bringing the absolute Social Security and Medicare bulk denial bulk for administration and advisers to 7.65 percent—with alone the Social Security allocation bound to the taxable best amount.

Additional Medicare Tax

The tax ante apparent aloft do not accommodate an added 0.9 percent in Medicare taxes paid by awful compensated employees.

Under a accouterment of the Affordable Care Act, the employee-paid allocation of the Medicare FICA tax is accountable to the 0.9 percent added Medicare tax on amounts over approved thresholds that are not inflation-adjusted and appropriately administer to added advisers anniversary year.

The beginning anniversary advantage amounts that activate the added Medicare tax are:

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Additional Medicare tax denial applies to accomplishment and self-employment assets in balance of the thresholds in a agenda year. “These beginning amounts are not indexed for inflation,” explains an active from consultancy Buck Global.

This added tax raises the allowance earner’s Medicare allocation of FICA on advantage aloft the beginning amounts to 2.35 percent; the employer-paid allocation of the Medicare tax on these amounts charcoal at 1.45 percent.

The added Medicare tax should not be abashed with the another minimum tax on aerial incomes, which does not absorb binding bulk withholding. To apprentice more, see the IRS webpage Questions and Answers for the Added Medicare Tax.

Adjust Systems, Notify Employees

Employees whose advantage exceeds the accepted $128,400 best will see a abatement in net take-home pay if they don’t accept an anniversary accession that makes up for the bulk tax’s bigger bite.

By the alpha of the new year, U.S. administration should:

[SHRM members-only how-to guide: How to Establish Salary Ranges]

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Social Security Allowances to Increase

Monthly Social Security and Supplemental Security Assets allowances for added than 61 actor bodies in the U.S. will access by 2.8 percent in 2019, the SSA additionally announced. The Social Security Act ties the anniversary cost-of-living acclimation (COLA) to increases in the customer bulk index, as bent by the Department of Labor’s Bureau of Labor Statistics.

According to a new 2019 SSA actuality sheet, in January 2018:

The anniversary Social Security COLA is now based on the access in the customer bulk basis for burghal allowance earners and accounting workers.

The 2.8 percent increase—the better jump in seven years—”means an added $39 per ages for the boilerplate retired artisan and $67 added for a brace accepting benefits,” tweeted Juliette Cubanski, accessory administrator at the nonprofit Kaiser Family Foundation. “This access is aloft the 2 percent COLA in 2018 and 0.2 percent in 2017,” but additionally reflects the uptick in aggrandizement this year.

Pension Considerations

“These changes will affect allowances for currently retired individuals as able-bodied as those advertent retirement,” said Brian Donohue, a accomplice in the Chicago appointment of October Three Consulting, a retirement plan advising firm. “Employers that sponsor authentic annual alimony affairs that are accommodating with Social Security will additionally see an appulse on allowances becoming and payable beneath such plans,” he noted. For example, “a alimony blueprint may accommodate for 50 percent of an employee’s final boilerplate pay bare 50 percent of the employee’s Social Security benefit. Added formulas accommodate altered levels of allowances based on pay aloft or beneath a beginning like the Social Security taxable allowance base.”

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Assets Limits for Allowances Balance Test

The 2019 Social Security cost-of-living acclimation additionally affects the bulk that bodies who affirmation Social Security allowances afore their abounding retirement age can acquire afore seeing a acting abridgement in benefits.

“If you affirmation aboriginal retirement allowances and abide to work, be acquainted that the money you acquire over a assertive bulk anniversary year may abate your Social Security retirement allowances (until you ability abounding retirement age),” wrote attorneys Joseph Matthews and Bethany Laurence at nolo.com. “Such a abridgement in allowances applies alone to the years you are working. It has no abiding aftereffect on the bulk of allowances you’ll accept in approaching years.”

The balance absolute for those who affirmation Social Security allowances before age 66 (for bodies built-in in 1943 through 1954) will access to $17,640 in 2019, up from $17,040 this year. Social Security will abstain $1 in allowances for every $2 in balance aloft the absolute for workers accepting allowances afore their abounding retirement age.

The balance absolute for bodies axis 66 in 2019 will access from $45,360 to $46,920. Social Security will abstain $1 from allowances for anniversary $3 becoming over that absolute until the ages the artisan turns 66.

There is no balance analysis afterwards workers ability abounding retirement age. If they abide to work, Social Security will access their allowances to anniversary for connected withholding, allowance to account amounts that those who claimed aboriginal allowances may accept absent beneath the allowances balance test.

Related SHRM Article:

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SSA Revises Bulk Tax Cap for 2018; Tax Law Alters Ante and Brackets, SHRM Online, November 2017

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