What was the Social Security limit in 2014?


Quick Answer

The Social Security payroll-tax limit in 2014 was $117,000, which was an increase from the limit of $113,700 in 2013. This annual limit is set by the Social Security Administration and signifies the maximum amount of wages that can be taxed for Social Security.

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Full Answer

The increase of the Social Security payroll tax affected approximately 10 million workers in the United States. In 2014, the Social Security Administration also increased the maximum withholding amount for the annual Social Security tax from $7,049.40 to $7,254. Social Security payroll taxes are collected with Medicare payroll fees and categorized as the Federal Insurance Contributions Act tax.

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