Q: Do you have to pay Social Security tax on more income this year?

A: Yes you do. The maximum earnings that were taxed for Social Security was $113,700 that has increased to $117,000 in 2014. That is an extra $223 that you may pay in Social Security tax. If you are self-employed, the tax is doubled. Don’t forget the Medicare tax. Medicare tax is assessed on all of your earnings, not just the limit attached to Social Security tax.

disclosures:http://www.hechteffect.net/?page_id=31