18-P-012 Change in Social Security Base Rate (November 28, 2017)

The Social Security wage base for OASDI was lowered to $128,400 for calendar year 2018, from $128,700 that the Social Security Administration had previously announced in October 2017.  This is a $1,200 increase from the wage base of calendar year 2017 of $127,200.  The OASDI tax rate for 2018 will remain at 6.2% for both employees and employers.  The maximum OASDI employee contribution for 2018 will be $7,960.80, lowered from the original employee portion of $7,979.40. 

The Office of the Chief Financial Officer, Payroll Systems Team is responsible for making the necessary updates to the SHARP payroll system.  Regents’ institutions are responsible for ensuring these changes are reflected in their individual systems.

DH:NTR:ckw