Tag: Social Security finances
In January 2011, employees across America experienced a cut in their payroll tax from 6.2 percent to 4.2 percent on their earnings up to the Social Security maximum ($106,800). (The self-employed saw their tax go from 12.4 percent to 10.4 percent.) The cut is supposed to expire at the end of the year. In t…
The brief’s key findings are: The 2010 Trustees Report had no surprises – Social Security still faces a modest deficit of 2 percent of payroll, which is newsworthy given the economic crisis. The recession has had some shorter-term effects: prices are still below their 2008 levels, so beneficiaries are not expected to receive a COLA…
