About the FICA Withholding Tracker
Default view is Weekly (4-week trailing) YoY for smoother signal. Switch to Daily to explore rolling windows (30/60/90/120/180 days). The Smoothing toggle applies a moving average to the displayed YoY line (7 or 14 periods: days in Daily view, weeks in Weekly view).
- Chart Range: Last 1 year
- Latest DTS Date: Loading…
- Most Recent Week Ending: —
- Source: U.S. Treasury Daily Treasury Statement, Table II — “Taxes - Withheld Individual/FICA”, Deposits (values in millions)
NAWI-adjusted normalizes YoY for SSA’s annual increase in the OASDI wage base (NAWI refers to National Average Wage Index). Use Incidence to tune the share of wages affected by the cap step to gauge how much of the growth is due to the index change versus nominal wage and employment growth. Default setting is 0.2, but can be toggled as high as 1 which would assume a full NAWI offset. Bear in mind that all wages are not immediately impacted by this so the tool assumes a lower multiple that can be adjusted on a sliding scale to allow for a larger multiplier effect which implicitly adjusts for the lack of higher potential wage earner limitations in this data.