WageBase
returns
the Social
Security Contribution and Benefit Base for a year. Social Security's
Old-Age, Survivors, and Disability Insurance (OASDI) program limits the amount
of earnings subject to taxation for a given year. The same annual limit also
applies when those earnings are used in a benefit computation. This limit
changes each year with changes in the National Average Wage Index (NAE).
The Wage Base for year 𝑥 is based on the
following formula:
|
If SSCOLA = 0, then use prior year's amount. The resulting amount is rounded to the nearest
$300; not less than the prior year’s amount. Note: Amounts for 1937-1974 and for 1979-1981 were set by
statute; all other amounts were determined under automatic adjustment
provisions of the Social Security Act. |
More information can be
found at the Social Security
web site.
Syntax
WageBase (DeterminationYear, [LawYear],
[WageInflation])
|
Parameter Name |
Description |
|
DeterminationYear |
A
4 digit number. If the DeterminationYear is after the LawYear, this
is a projected calculation based on the WageInflation assumption. |
|
LawYear |
A
4 digit number. |
|
WageInflation |
The
assumed rate of increase in the National Average Wage. This
is used only for a projected calculation. Optional:
default = 0% |