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Hike in Social
Security Tax Locally
Residents of Rappahannock County will soon have to pay the piper for the increase in social security benefits that went into effect this year.
Beginning on January 1, local wage earners and their employers will be hit with an increase in payroll taxes to finance the bigger pension checks that are now being issued.
Working people who are covered by social security will begin paying at the rate of 4.8 percent on the first $7,800 of earnings. Matching contributions will be made by their employers.
The new rate represents a rise over the 4.4 percent that has been in effect this year.
For those who are self-employed, the rate will go from the present 6.4 percent on the first $7,800 to 6.9 percent. The new maximum tax for them will be $538.20. What it amounts to, for residents of Rappahannock County, is an overall increase of approximately $42,000 over the total paid for social security in the current year by local workers and employers. Hie figures are based upon data released by the Social Security Administration, the Internal Revenue Service and others. They show that the nation’s jobholders and their employers turned some $25.5 billion into the Social Security Trust Fund last year and that this year’s total will be well over $27 billion. Rappahannock County’s contribution to the 1968 amount will be approximately $377,000, it is estimated. And next year, under the new rates, it will be close to $419,000
Culpeper Hotel and visited Mrs. Lena Woodward who is a patient in the Culpeper Memorial Hospital.
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