When the Social Security Administration announced the cost of living adjustment last week for Social Security benefits, some people clapped as benefits increased. Anyone who was working probably didn’t like to hear that it would increase 5.8% because that meant the Social Security tax would increase also because the taxable maximum would increase from $102,000 to $106,800, affecting 11 million of the 164 million workers.
The Social Security “tax (which is OASI and disability) is only 6.2% so those 11 million are only taxed an additional $297.60 if they earned more than $106,800. Not a big deal. 🙂
One response to “2009 Social Security Taxable Maximum Increases”
Ya now I pay only $6533 per annum for nothing. YEAH!!!!!!!