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Some Pleasant News: The Social Security Wage Base Is Not Increasing for 2010

By JLP | November 11, 2009

I was doing some work on the family budget for 2010 and looked up income subject to Social Security taxes in 2010 on the SSA website. I was pleasantly surprised to see that the income subject to social security taxes is not increasing in 2010. That means the amount subject to social security taxes is going to stay at $106,800, leaving the maximum an individual pays into social security at $6,621.60 (twice that when the employer’s amount is included).

Of course, this also means that recipients are not getting a raise this year.

Topics: Social Security | 5 Comments »


5 Responses to “Some Pleasant News: The Social Security Wage Base Is Not Increasing for 2010”

  1. Bryan Rink Says:
    November 11th, 2009 at 2:33 pm

    Actually, Obama is proposing sending recipients a $250 check: http://www.nytimes.com/2009/10/28/business/economy/28leonhardt.html

  2. BG Says:
    November 11th, 2009 at 3:20 pm

    Not increasing the cap is a bad thing, imho. Looks like we are having another year of ignoring the problems with SS.

  3. David M Says:
    November 15th, 2009 at 5:54 am

    The cap is not being raised as wages did not increase, its that simple.

    Should we do away with the cap, IMHO, yes. Will that increase my taxes, yes.

    We should do away with the SS tax and just increase the federal tax rate by the same amount. WHY? Because there are NO TRUST FUNDS!!!!!!

  4. BG Says:
    November 16th, 2009 at 1:16 pm

    #3) I agree, the federal income tax needs to pay the social security trust fund back ($2 trillion, I think the trust is owed).

    The social security surpluses have already been spent for other (non-SS) purposes.

  5. Rene' Says:
    June 29th, 2010 at 10:08 am

    I received a letter asking that congress give Soc. Sec. beneficiary’s $250 again. I am not sending those petitions back because the government took back the money in our income tax, so what is the point in getting $250 the first of the year and having to give back more than they gave in the first place. I would rather we get the COLA. Thanx

    Rene’

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