The Social Security Administration has announced that the maximum earnings subject to the 6.2% FICA tax rises to $117,000 for 2014. It has been $113,700 for 2013. That same cap applies to the 12.4% retirement portion of self-employment tax.
The maximum FICA withholding for 2013 will be $7,254.00 for 2014, up from the 2013 maximum of $7049.40.
The 2.9% medicare tax, split between employees and employers, has no wage or self-employment income cap. There is also no maximum for the .9% additional medicare tax under Obamacare that applies when adjusted gross income exceeds $250,000 for joint filers, $200,000 for single filers, or $125,000 on married-filing-separate returns