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The 1979 maximum will be $22,900 instead of $18,900. Additional increases are scheduled until the maximum reaches $29,700 in 1981 under the new law, instead of $21,900 under the old law. After 1981, the maximum will increase automatically as average earnings rise, as it does how. The 1978 tax rate is 6.05 per cent, the same as it would have been under the old law.
A worker who has average earnings, about $10,000 in 1977, will pay total social security taxes of $605 in 1978, the same amount payable under the old law. A worker earning $17,700 or more in 1978 will pay a total of $1,071.
Under the old law, the selfemployment tax rate of 8.10 per cent for 1978 was scheduled to rise to 8.35 per cent in 1981. Under the new law, it will be 9.30 per cent in 1981. Additional increases are scheduled until the rate reaches 10.75 per cent in 1990 and after.
People interested in more information about these changes in the social security law, as well as others that were made, can get a free leaflet describing them at the Culpeper social security office, located at 522 Culpeper Shopping Center. The telephone number is 825-3500.
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