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Reminder: Social Security Tax Changes for 2015

Based on the increase in average wages in the United States, the maximum amount of earnings subject to the Social Security tax (called the “taxable maximum”) increases from $117,000 to $118,500, effective January 1, 2015. According to the Social Security Administration (SSA), of the estimated 168 million workers who will pay Social Security taxes in 2015, about 10 million will pay higher FICA payroll taxes this year because of the increase in the taxable maximum. Read more…

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