Social Security Report

A Social Security payroll tax freedom day for the 1 percent

On Feb. 11, the top 1 percent of American workers finish paying their Social Security payroll taxes for the year. That’s because the maximum amount of annual earnings subject to the tax is capped at $118,500 (this level is adjusted for inflation each year). Yet most Americans don’t know that there is a Social Security payroll tax cap, because most don’t make enough money to ever hit it. Read more…