This adjustment happens every year to raise the amount of wages that SS and Medicare must be paid on. The $500 additional will be paid by individuals who have wage increase from 118,500 to 127,200. Misleading headline brought to you by Bloomberg.
Thought you guys love taxes. It's my belief that there should be NO cap on incomes when it comes to payroll taxes, further, when SS becomes 10% or less of tatalincome, phased out.