#benefit-withholding

#benefit-withholding

As part of its annual inflation-related update to the program, the Social Security Administration also adjusts the taxable maximum for wages-the primary source of funding for this program. While these changes affect high earners, it could mean that you'll see some more money taken from your paycheck in taxes. Employees are taxed 6.2% of their earnings up to a certain limit for Social Security, while employers are required to chip in the same amount.

A major change by the Social Security Administration could affect some beneficiaries' incomes - potentially cutting their benefit payments in half starting in July.