Social Security Wage Base Law and Legal Definition
Social security wage base refers to a person’s income that can be taxed for the purpose of financing his/her social security. Social security wage base is a form of social security tax. Average earnings of workers help in determining a worker's Social Security benefit.
Social security wage base may differ for a person who is working in two or more companies. In such case, a person’s social security deduction could increase the standard wage base rate. The wage base is calculated on a person’s personal return and is contributed towards his/her federal taxes.
Legal Definition list
Related Legal Terms
- Abandoned Security Property [Agriculture]
- Access Control List [National Security]
- Access Control Mechanism [National Security]
- Accessible Space [National Security]
- Achievement-Based Education
- Activity-Based Costing
- Adjusted Base Price
- Administrative Wage Garnishment
- Adverse Claim on Security
- Adverse Effect Wage Rate