The Social Security Administration (SSA) has announced a correction in the wage base that will be used in computing Social Security taxes for 2018. The corrected amount is $128,400.
The SSA had previously announced the 2018 wage base last month. It is highly unusual for any changes to be made after the announcement. The SSA explains that this change is due to receiving corrected 2016 W-2 information from a national payroll service provider which affected the national average wage determination. The corrected amount of $128,400 for 2018 is an increase of $1,200 from the 2017 amount, but is $300 less than the amount previously expected for 2018.