Bazaar Daily America

The Voice(s) of fallen Democracy

American Politics

Social Security recipients to receive 5.9% COLA increase the biggest in more than 39 years

Spread the love

The last time such was actually raised that high was roughly about 40 years ago according to published reports. Now as of Wednesday — the Labor Department along with the WQhite House confirmed that recipients will and are set to receive a bump. but the raise of course comes with a few hitches —- one of those being a percentage increase on employer-employee taxable wages.

 Now with the increase, the first $147,000 of one’s total income will be subject to contribute 6.2 percent of their earnings. That comes to $9,114.00 in 2022 from the employee and the same amount from their employer.

People who are self-employed will have to pay at a tax rate of 12.4 percent, or $18,228.



Leave a Reply

Your email address will not be published. Required fields are marked *


Visit Bazaar Daily UK
Skip to content