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(12,157 posts)

13. I would rather the cap be lifted so high earners pay more

Tue Mar 12, 2024, 05:17 PM

Mar 12

The maximum annual earnings that are subject to Social Security tax in 2023 is $160,200, for a total tax of $9,932.40. For 2024, the amount is $168,600, for a total tax of $10,453.20. No more can be withheld from your paycheck for Social Security taxes for the year regardless of how much you earn.
https://www.investopedia.com/ask/answers/081514/why-there-cap-federal-insurance-contribution-fica-tax.asp#:~:text=The%20Federal%20Insurance%20Contribution%20Act,that%20will%20not%20be%20taxed.

This would increase funding.

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17 replies

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Highlight:

Trump Makes a Huge Mistake on Social Security [View all] babylonsister Mar 12 OP

I'd be cool with anyone making a million dollars losing the check. jimfields33 Mar 12 #1

If we do that, though, they'll get rid of it for us. yardwork Mar 12 #6

Means testing is generally pennywise and pound foolish anyway TheKentuckian Mar 12 #9

Excellent point. yardwork Mar 13 #17

In General, I Agree ProfessorGAC Mar 12 #10

but it's their two dollars mike_c Mar 12 #12

I would rather the cap be lifted so high earners pay more TexLaProgressive Mar 12 #13

Wonder if this baboon knows what entitlements are kwolf68 Mar 12 #2

He knows what they are. TwilightZone Mar 12 #5

Kick dalton99a Mar 12 #3

Business as usual musclecar6 Mar 12 #4

Sen Rick Scott Seinan Sensei Mar 12 #8

Oh, don't tell him, let him plant his fat ass on the third rail Warpy Mar 12 #11

Intense damage control on right wing media Warpy Mar 12 #15