Sidney Kess Social Security Tax and Medicare Taxes for 2022
In this edition of his Tax Tips column, Sidney Kess describes some of the Social Security Administration's recently announced cost-of-living changes for 2022 affecting individuals who are working, businesses, and retirees.
December 09, 2021 at 12:45 PM
7 minute read
The Social Security Administration announced cost-of-living changes for 2022 affecting individuals who are working, businesses, and retirees (SSA Release, Oct. 13, 2021). Benefits for recipients of Social Security benefits will increase in 2022 by 5.9%, the largest increase in 39 years. The wage base for workers and employers paying into the Social Security system has been increased as well, as has the earnings limit for certain Social Security recipients who continue to work.
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