Question of the Day

When Social Security (SS) began, the federal government promised that "the most you will ever pay" in SS taxes is $180 per year. Adjusted for inflation, this is $1,741 in today's dollars. How much was the maximum SS payroll tax in 2013?

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In 2013, the maximum SS payroll tax was $14,099. Adjusted for inflation, this is eight times the promised maximum. This does not include other taxes that are also now used to fund SS, such as the tax on SS benefits.

DocumentationSocial Security Taxes




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