Jones, Janelle; Schmitt, John; Woo, Nicole - Center for Economic and Policy Research (CEPR) - 2011
When most workers look at their pay stubs, they can see that the Social Security payroll tax rate is 12.4 percent …,800 are not taxed by Social Security. In other words, a worker who makes twice the Social Security wage cap – $213,600 per … year – pays Social Security tax on only half of his or her earnings, and one who makes just over a million dollars per year …