Taxpayers will get a rare break from rising Social Security taxes. Find out why. >
Taxpayers hate income taxes above all else, and the irritation of preparing a return before the filing deadline is almost as bad as actually paying the tax.
The Social Security payroll tax actually hits many taxpayers harder than the income tax. For 2016, taxpayers got a rare break, as the amount will remain identical, at 14694 for self employed individuals,. This tax largely flies under the radar being that it’s withheld directly from paychecks without any need for a ‘year end’ tax return. For instance, we must look at how the Social Security tax works and why the maximum stayed identical for 2016.
The reason why the wage base remained at multiplied by 124percentage or trillion entertainment industry is ripe for the picking. Over the long run, you can expect Social Security taxes to rise definitely from year to year. Taxpayers will get a rare break from rising Social Security taxes. Find out why.