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When you have wages or self-employment income that is covered by Social Security, you pay Social Security taxes each year up to a maximum amount that is set by law. That amount has changed frequently over the years. For 2016, the maximum amount of taxable earnings is $118,500. The maximum earnings for each year since Social Security taxes were first collected in 1937 are shown below. earned more than the maximum in any year but had only one job, the amount we use will be just the maximum amount.
Until now, the Social Security wage base has increased in each of the last four years. Social security taxes, (or OASDI taxes) are the taxes that are taken from your paycheck to contribute to the social security program. However, there is a wage base limit, and earnings above this amount are not taxed. The social security tax wage bases are per person, and are not impacted by a husband and wife who meet the wage base when adding their incomes together. Any earnings over the tax wage base are not subject to social security taxes.