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Social Security Taxes Explained

Bill Bischoff explains the Social Security payroll tax in this MarketWatch piece, covering how it is applied, including to self-employed people.  He includes an explanation on the difference between cost of living increases to benefits and the calculation that determines the wage cap (the max amount on which one pays taxes) increase.  Note, a different inflation measure applies to them.  Bischoff also debunks a few myths, like the common one that there is a Social Security account with your name on it holding funds you have paid.  Full article here.

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