The wage base increases to $110,100. that is up from $106,800. for 2012. This is the first increase since 2009. In other words the maximum you still pay 6.2% social secuirty on is $110,100. The 1.45% medicare tax is paid without any limit on all taxable earnings.
For people receiving social security benefits there will be a 3.6% cost of living increase for benefits and coverage.
