Block · one region of the page, as the scanner read it. It may hold a whole story, part of one, several, or an advertisement; stitching blocks into articles is the next step. Text is supplied OCR.
Page 3 · column 7 of 9 · from the scan, no model involved
Social Security Tax
Again Increased
One of the first things that will; greet every working person with | the dawn of the new year will be an increase in social security taxes. Social security payment deductions from wage and salary checks will rise to 1.8 per cent of I earnings up to 87,800. This means that any employee with earnings of $7,^00 will pay $374.40 in social security taxes. Employers will pay an equal #mount. Thus, 'he total tax take in the name of "social security” will reach nearly 10 per cent of taxable payrolls. Nearly 10 per cent of every dollar up to maximum taxable earnings will go to the federal government to pay ! f o r social security and (medicare as much as 8718.80 per employee. And more increases in [this tax are corning in the years (ahead. By 1087, it will amount to !5.9 per cent each for employee (and employer.
A little pamphlet issued by the Associated Industries of Alabama, entitled "Another Chunk Out of Your Check," explains why social security costs are increasing so rapidly. There are two main reasons One, alp-eut number of people are now getting benefits which come to more than the itaxes they and their employers (have paid into social security. (Two, Congress has changed the
62.4%