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High earners will pay more FICA tax next year
Social Security recently announced that in 2018 the so-called “wage cap”, the amount of wages that you pay FICA tax on, will be going up by $1,500 to $128,700 (from $127,200 in 2017). What that means is that all those whose earned income reaches or exceeds that amount will pay $93 more in payroll taxes than they did this year, and employers (including the self-employed) will be kicking in an equivalent amount. This Motley Fool article by Matthew Frankel explains the change for 2018 and what it means for you. Click here to read more.