Commenting on Tanzania 's 2025 Millennium Development Goal Tanzanian Prime Minister Mizengo Pinda said only 12 years remained and the Tanzanian government is focussed on applying the Big Results Now initiative to ensure there is clear implementation of various projects.
The maximum Social Security tax in 2017 will be $7,886.40 per employee, which represents a pretty big increase over 2016. That's the simple answer. Below, find out why the maximum Social Security tax is increasing so much, whether the increase will affect you, and what to expect in the coming years.
The Social Security tax is a flat rate tax with a maximum cap. The Social Security tax is a flat 12.4% on all compensation income, up to a maximum compensation amount of $118,500 for 2015. This $118,500 amount is called the Social Security wage base. The wage base amount is set each year by the Social Security Administration.