As 2015 is just starting to wind down, the government has already set many limits for 2016. In general, the limitations will not change as a result of the cost of living index not meeting the statutory thresholds that trigger a change. The Old-Age, Survivors, and Disability Insurance (OASDI), aka Social Security, wage limit remains unchanged at $118,500 and a tax rate of 6.20%. The last time the OASDI wage limit did not increase was between 2009 to 2011 where it remained at $106,800. Prior to 2009, the limit had always increased going all the way back to 1950. The deferral limits for your pension…
