This article makes it easy to understand the changes.
https://www.usatoday.com/story/money...018/106907866/
For those not yet claiming, but paying INTO SS via 6% paycheck withdrawals, AND you earn near the maximum taxable earnings cap of now $128,700 then we all owe extra $93 to the tax man next year.
Ahh the middle class helping the rich get richer. 1 in 10 hits the max each year, but to do it for 35 is even less achievable for the underdogs.
Another interesting tidbit, the $ needed to achieve a "credit" rises by $20, or $80 for the year.
3. Wealthy Americans will owe a little bit more in 2018
The average working American is
likely to be thrilled to find out that wealthier Americans will be paying a bit more into Social Security next year. In 2017, workers were required to pay a 12.4% payroll tax into Social Security on earned income between $0.01 and $127,200. This $127,200 figure is what's known as the "maximum taxable earnings cap." Next year, it'll be rising to $128,700, an increase of $1,500.
There is, however, a pretty big exception that folks should be aware of. If you're employed by someone else, the company you work for usually covers half of your Social Security responsibility (6.2%). This means most Americans typically pay 6.2% of their earned income between $0.01 and the maximum taxable earnings into the Social Security program.