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Raising payroll taxes to fund Social Security may be in the cards. One way of doing this, stated retirement specialist Andrew Cremé , CFP, “would be eliminating the wage cap.
Being exempt from paying Social Security payroll taxes can save you money on the front end, but it can have major effects on the back end in retirement. Make sure you're aware and properly planning.
Data source: The Social Security Administration. Social Security's payroll tax rate is 6.2% for most workers. The only exception is self-employed individuals, who are taxed at 12.4%.
Social Security is a federal program that provides benefits for retirement, disability, and survivors. It is funded by payroll taxes and administered by the Social Security Administration (SSA).
The maximum amount of earnings subject to the Social Security payroll tax will increase to $168,600 in 2024 from $160,200 in 2023, which will mainly impact those with high salaries. Workers pay a ...
Learn how Social Security started as a measure to implement "social insurance" during the Great Depression of the 1930s and how it evolved over time. Find out the origins, design, debates, and controversies of the program that provides benefits to retirees, the unemployed, and others.
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