Recently, the Social Security Administration announced its COLA (Cost of Living Adjustment) for 2015. This adjustment of 1.7% will be applied to payments beginning in January 2015.
Also connected to this adjustment is the increase of wages subject to the Security Security Tax, going from $117,000 to $118,500.
If you would like to learn more about how this adjustment is calculated, please visit the Social Security Administrations official site.
For more information on how your wages are taxed based on these adjustments, please visit this fact sheet from the Social Security Administation.