payroll tax

The financial health of Social Security has improved slightly in the past year, with the system expected to exhaust its reserves to pay benefits in 2034, a year later than previously projected, according to the 2015 Social Security Trustees Report, released July 22. At that time, if Congress has taken no action, Social Security will have enough payroll taxes coming in to cover 79 percent of promised benefits for another 56 years, the report said.
If Washington's politicians can't reach a deal to avert the fiscal cliff, the temporary payroll tax cut passed two years ago as an anti-recessionary measure could evaporate - and with it, starting in January, a percentage of your take-home pay.
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