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

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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.

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