The Social Security Administration (SSA) announced that the maximum amount of wages in 2017 subject to the 6.2% Social Security tax (old age, survivor, and disability insurance) will rise from $118,500 to $127,200, an increase of more than 7%. By comparison, the 2016 wage base was unchanged from 2015. The maximum amount of Social Security tax a taxpayer could pay will therefore increase from $7,347 in 2016 to $7,886.40 in 2017, an increase of $539.40. The SSA also announced t

401k and Retirement Plan Limits for the Tax Year 2017 On October 27, 2016, the Internal Revenue Service announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2017. Highlights of Limitations That Remain Unchanged From 2016 The contribution limit for employees who participate in 401k, 403(b), most 457 plans, and the federal government's Thrift Savings Plan remains unchanged at $18,000. The catch-up co