The Social Security Administration announced that Social Security benefits and Supplemental Security Income (SSI) benefits will be increased in 2015 by 1.7% to adjust for cost of living increases. The Social Security Act ties the annual COLA to the increase in the Consumer Price Index as determined by the Department of Labor’s Bureau of Labor Statistics.
As a result of this increase, the maximum amount of earnings subject to the Social Security payroll tax will go from $117,000 to $118,500.00.
Link to the SSA Press Release: http://www.socialsecurity.gov/news/press/releases.html#!/post/10-2014-2
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