Year 2017 Income Tax Changes and Withholding Information
Effective January 2017
Federal Income Tax Withholding
The federal and state income withholding brackets have been revised for 2017.
Employee Social Security /OASDI and Medicare
The year 2017 Social Security/OASDI tax rate for employees is 6.2 percent. The Medicare tax rate remains at 1.45 percent. The Social Security/OASDI maximum wage base increases to $127,200 for 2017. There continues to be no cap on the Medicare wage base.
Tax Summary Year 2016 Year 2017
Social Security/OASDI Rate 6.2 percent 6.2 percent
Social Security Maximum Wage Base $118,500 $127,200
Maximum Social Security /OASDI Contribution $7,347.00 $7,886.40
Medicare Rate 1.45 percent 1.45 percent
Medicare Maximum Wage Base No limit No limit
Maximum Medicare Contribution (1.45%) No limit No limit