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The Big Winners and Losers in America’s Social Security System
Source:
wsj.com
- Oct 28, 2016
What will you receive in Social Security benefits compared with the taxes you pay in?
The short answer: Low earners often get more than they put in, while high earners get less. By one estimate, the turning point is currently around $65,000 for a single worker and double that for couples earning similar pay.
This question has come up since the Social Security Administration last week announced a payroll-tax increase affecting 12 million higher-income workers. On Jan. 1, the wage base rises to $127,200—a 7.3% increase over this year’s level of $118,500. The wage base is the amount of a worker’s pay subject to Social Security tax, which is a flat 6.2%, and the upper limit is known as the “cap.”
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Category: General Business
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