Blog for John Sweeney - Elder, Wills, Estates, Trusts, Special Needs, Business, & Tax Lawyer in CT and NY

Social Security Tax Increase 2017

Posted by John Sweeney | Jan 09, 2017 | 0 Comments

Twelve million workers will pay more this year because of the automatic adjustment in their payroll taxes for the taxable maximum amount of Social Security.  The increase in 2017 is 7.3 percent, the most in 34 years. It can cost up to $539, and double that if you are self-employed.

For the last two years, only the first $118,500 of earnings was subject to the 6.2 percent tax. In 2017, this taxable minimum jumps to $127,200.

If you make less than $118,500, there won't be an increase in tax.  But if you earn more, the extra $8,700 will be subject to the 6.2 percent Social Security payroll tax and this will cost you as much as $539 and $1,078 if you are self-employed,  by the end of the year.

About the Author

John Sweeney

John is an experienced lawyer who helps you solve your problems. He practices Elder, Wills, Estates, Trusts, Special Needs, Business, & Tax Law in Fairfield County CT and Westchester County New York. He brings a wealth of experience in law, business, tax, insurance, and finance to arrive at practical solutions with compassion and care. Honest, direct and practical, he is focused on you and your problems. He also brings a wealth of personal experience from his own large family and aging parents.

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Elder, Wills, Estates, Trusts, Special Needs Tax & Business Law; Attorney John Sweeney

Sweeney Legal, LLC, provides legal, practical, and business counsel to Seniors, families, and businesses in the Fairfield, Connecticut area, including the communities of Bridgeport, Bethel, Brookfield, Danbury, Darien, Easton, Fairfield, New Canaan, Newtown, Norwalk, Redding, Ridgefield, Stamford, Weston, Westport and Wilton. John is also licensed in New York serving Westchester County including the towns of Bedford, Lewisboro, Mount Kisco, North Salem, Pound Ridge, and Somers.

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