Today, the Social Security Administration announced that the maximum amount of wage income subject to the social security portion of the payroll tax (the wage base) will remain at $118,500.  The social security portion of the Federal Insurance Contributions Act (FICA) tax is set by statute at 6.2% and is payable by both employers and employees.  In 2016, an individual with wages equal to or greater than $118,500 would contribute $7,347 to social security and his or her employer would contribute the same amount.  In 2016, the social security tax for self-employment income is 12.4%.