4/15/2014 – Time to raise – or scrap – the Social Security payroll tax cap (Reuters)

Apr 17, 2014 No Comments by

It’s Tax Day, and a small number of wealthy Americans have something to celebrate: They are done paying Social Security taxes for the year.

The payroll tax that funds Social Security is levied only on a certain amount of income. This year it’s capped at $117,000. That means most wage earners will pay 6.2 percent of every dime they earn in 2014, but high earners will stop paying after passing the cap.

 

Read the full article at Reuters.

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