![]() This article originally appeared on GOBankingRates. Take Our Poll: How Do You File Your Taxes? ![]() ![]() Maximize your savings with these 3 expert tips The 15 Biggest Bank Failures in US Historyįinancial Insight in Your Inbox: Sign Up for GBR's Daily Newsletter in TurboTax coupons 10 OFF COUPON CODE Save an additional 10 off TurboTax Deluxe Make the most of 350+ tax deductions and credits so you get every dollar you deserve NEEDED Show Coupon Code in TurboTax coupons 20 OFF COUPON CODE Save 20 on TurboTax Live Purchase TurboTax Live and save 20. ![]() Imposing a Social Security tax on business and investment income (currently exempt). Increasing the payroll tax rate to 15.6% (from 12.4%). Find many great new & used options and get the best deals for Whiteline W22260 Bearing Set for Subaru Forester S Turbo Sf, SF5 2. Raising the full retirement age to 70 (now 66 to 67). Download TaxCaster by TurboTax - Free for Android to get a quick estimate of your 2015 federal tax refund anytime, anywhere on your phone via this free tax calculator. Over the past nine years, Americans filed approximately 113 million tax returns completely free of charge using TurboTax, more than all other tax prep software companies combined. Self-Employed Expense Estimator, Documents Checklist tool, TaxCaster, and more. Not all experts and lawmakers agree that increasing the Social Security payroll tax cap is the best way to solve the problem. TurboTax offers a free suite of tax calculators and tools to help save. Take Our Poll: Are You Concerned About the Safety of Your Money in Your Bank Accounts? Other Potential Solutions However, those earning under the cap get stuck footing a bill that’s six times higher. Doing so would also shift some of the burden of funding Social Security from the middle class to wealthy, high-wage earners.Ĭurrently, those earning over the cap pay an effective Social Security payroll tax rate of 1% or less. Raising the income cap to $250,000 (or more) or eliminating it altogether could replenish the trust fund reserves and keep the program running at full capacity beyond the next decade. However, any earnings over the income cap of $160,200 are exempt from the tax (a limit that roughly 6% of wage earners hit). With a Recession Looming: Make These 3 Retirement Moves To Stay On TrackĬurrently, workers pay 6.2% of their wages, and their employers match that contribution. Social Security: Women Get $354 Per Month Less Than Men – Here’s Why Some experts say raising the Social Security payroll tax cap could help solve the problem. That’s because the Social Security trust fund reserves could become insolvent within the next decade. If nothing is done to change course, Americans on Social Security may see their monthly benefits drop by 25% in the years ahead.
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