Wage Base definition

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Wage Base means the amount of compensation with respect to which old age and survivors insurance benefits would be provided for a Participant under the Social Security Act, as in effect for the calendar year in which the Plan Year commences.

Wage Base means the maximum wages subject to FICA taxation for Old Age, Survivors and Disability Income (OASDI) benefits under the Social Security Act for any particular Plan Year.

Examples of Wage Base in a sentence

If the amount specified is greater than 80% but less than 100% of the maximum Taxable Wage Base, the 2.7% must be reduced to 2.4%.
If the amount specified is greater than the greater of $10,000 or 20% of the maximum Taxable Wage Base, but not more than 80%, 2.7% must be reduced to 1.3%.
If the Taxable Wage Base defined at Section 3(j) is less than or equal to the greater of $10,000 or 20% of the maximum, the 2.7% need not be reduced.
A Participant's Covered Compensation for a Plan Year before the 35-year period ending with the last day of the calendar year in which the Participant attains social security retirement age is the Taxable Wage Base in effect as of the beginning of the Plan Year.
Compensation for any year in excess of the Taxable Wage Base in effect at the beginning of such year will not be taken into account.
If the Employer specifies an Integration Level in Section III(E) which is lower than the Taxable Wage Base for Social Security purposes (SSTWB) in effect as of the first day of the Plan Year, the percentage contributed with respect to excess Compensation must be adjusted.
In determining a Participant's Covered Compensation for a Plan Year, the Taxable Wage Base in effect for the current Plan Year and any subsequent Plan Year will be assumed to be the same as the Taxable Wage Base in effect as of the beginning of the Plan Year for which the determination is being made.
In determining a Participant's Covered Compensation for a Plan Year, the Taxable Wage Base for all calendar years beginning after the first day of the Plan Year is assumed to be the same as the Taxable Wage Base in effect as of the beginning of the Plan Year for which the determination is being made.
Taxable Wage Base is the contribution and benefit base in effect under Section 230 of the Social Security Act at the beginning of the Plan Year.
If the Employer specifies an Integration Level in the Adoption Agreement which is lower than the Taxable Wage Base (for Social Security purposes (SSTWB) in effect as of the first day of the Plan Year, the percentage contributed with respect to excess Compensation must be adjusted.

More Definitions of Wage Base

Wage Base for any Plan Year shall mean the contribution and benefit base under Section 230 of the Social Security Act in effect on the first day of such Plan Year.

Wage Base means the dollar amount of wages, within the meaning set forth in Code section 3121(a), upon which the Employer must pay Social Security Old Age, Survivors and Disability taxes for a Plan Year. For the 2020 Plan Year only, the Earnings of an Employee of Anadarko shall take into account only those amounts paid on and after July 1, 2020 for purposes of determining whether the Participant's year-to-date Earnings are in excess of the Wage Base.

Related to Wage Base

Taxable Wage Base means, with respect to any Plan Year, the contribution and benefit base under Section 230 of the Social Security Act at the beginning of such Plan Year.
Limitation Year means the Plan Year.
Home Base means the location, assigned by the operator to the crew member, from where the crew member normally starts and ends a duty period or a series of duty periods and where, under normal circumstances, the operator is not responsible for the accommodation of the crew member concerned;
Open Year has the meaning specified in Section 4.01(r)(iii).
taxation year means the calendar year to which an assessment roll applies for the purposes of taxation;