November 2007

Income subject to Social Security tax increases

Social Security taxes are set to increase Jan. 1, 2008. According to an announcement made by the Social Security Administration (SSA) in October, the maximum amount of earnings subject to the Social Security tax will increase from $97,500 to $102,000.

Of the estimated 164 million workers who will pay Social Security taxes in 2008, nearly 12 million will pay higher taxes as a result of the increase in the taxable maximum.

Source: Social Security Administration, www.socialsecurity.gov

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