Will You Owe More in Social Security Taxes Next Year?

Well, that depends on your income. Taxpayers in 2015 will pay social security on as much as $118,800. This increases to $122,100 in 2016, $126,300 in 2017, and then to $131,700 in 2018. For 2015, increasing the maximum income that workers will pay social security tax will effectively decrease the take home pay by $112 for workers and increase expenses for employers by that amount as well. So for those taxpayers whose paychecks fall into these levels, be prepared to see less take home pay and to hear your employer grumbling more about taxes as well. Costs seem to be going up for everyone.

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