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Social Security Administration Inflation Announcement

The Social Security Administration (SSA) has announced that the wage base for computing the Social Security tax (OASDI) in 2016 will remain at $118,500.
The quarter cost-of-living adjustment (COLA) coverage figure will rise from $1,220 for 2015 to $1,260 for 2016. The increase in the quarter of coverage figure also serves to increase the lower and upper limits under optional methods for computing self-employment tax.

For 2016, cash remuneration paid by an employer for domestic service (nanny tax) in the employer's private home isn't FICA wages if the amount paid during the year is less than $2,000 (up from $1,900 for 2015).

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