FOR IMMEDIATE RELEASE
(September 27, 2019) – In the United States, any individual employed will get to see the Social Security Tax added to their paychecks. It will amount to nearly 6.2% of the earnings of the employee. These funds go directly to funding the Social Security Program. In addition to providing this basic detail about Social Security Tax, File My Taxes Online also provides information about the rates and limits of this tax.
File My Taxes Online also states that self-employed individuals pay double the value paid by people working for others. The reason is that they must cover both the employee and the employer part of the tax. Nevertheless, half of this tax is deductible for them.
When talking about the exemption on this tax, File My Taxes Online says “The Social Security Wage Base is the threshold on income. Anything you earn above the threshold isn’t eligible for social security tax. It rises nearly every year”.
File My Taxes Online talks about the changes made in retirement benefits recently on this tax, which has increased by 2.8% due to the adjustments to the standard cost f living. Generally, it is judged by the Consumer Price Index.
About File My Taxes Online:
File My Taxes Online is a web source that provides tax news and commentary blogs that cover the tax laws and the world of taxes.
For more information, please visit https://filemytaxesonline.org/social-security-tax-rate-limit/
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