This guarantee is good for the lifetime of your personal, individual tax return, which Intuit defines as seven years from the date you filed it with TurboTax. 100% Accurate Calculations Guarantee – Individual Returns: If you pay an IRS or state penalty or interest because of a TurboTax calculation error, we'll pay you the penalty and interest.This article originally appeared on GOBankingRates. Take Our Poll: How Do You File Your Taxes? Maximize your savings with these 3 expert tips The 15 Biggest Bank Failures in US Historyįinancial Insight in Your Inbox: Sign Up for GBR's Daily Newsletter Imposing a Social Security tax on business and investment income (currently exempt). Increasing the payroll tax rate to 15.6% (from 12.4%). Raising the full retirement age to 70 (now 66 to 67). Not all experts and lawmakers agree that increasing the Social Security payroll tax cap is the best way to solve the problem. Take Our Poll: Are You Concerned About the Safety of Your Money in Your Bank Accounts? Other Potential Solutions However, those earning under the cap get stuck footing a bill that’s six times higher. Doing so would also shift some of the burden of funding Social Security from the middle class to wealthy, high-wage earners.Ĭurrently, those earning over the cap pay an effective Social Security payroll tax rate of 1% or less. Raising the income cap to $250,000 (or more) or eliminating it altogether could replenish the trust fund reserves and keep the program running at full capacity beyond the next decade. However, any earnings over the income cap of $160,200 are exempt from the tax (a limit that roughly 6% of wage earners hit). With a Recession Looming: Make These 3 Retirement Moves To Stay On TrackĬurrently, workers pay 6.2% of their wages, and their employers match that contribution. Social Security: Women Get $354 Per Month Less Than Men – Here’s Why Some experts say raising the Social Security payroll tax cap could help solve the problem. That’s because the Social Security trust fund reserves could become insolvent within the next decade.

If nothing is done to change course, Americans on Social Security may see their monthly benefits drop by 25% in the years ahead.

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