Sentences with phrase «taxable wage base»

Reaching the taxable wage base allows you to take home more of your money in your paycheck and save on taxes.

Prior to this plan being frozen, participants received «pay credits» which varied with age and years of service (points) and differed for pay above and below the taxable wage base.

To reduce Social Security's projected funding shortfall, the commission would increase the taxable wage base by 2050 to include 90 percent of earnings, to increase the full - and early - retirement ages to 69 and 64 respectively by 2075, to cover newly hired state and local workers after 2020, and to create a hardship exemption allowing those who can not work past age 62 to receive benefits early.

Not exact matches

The maximum taxable amount is updated annually on the basis of increases in the average wage.