What's the Maximum Tax You'll Pay to Fund Social Security in 2021?

Christy Bieber, The Motley Fool
·4-min read
What's the Maximum Tax You'll Pay to Fund Social Security in 2021?
What's the Maximum Tax You'll Pay to Fund Social Security in 2021?

Payroll taxes are Social Security's most important funding source, as they provide the bulk of the money the entitlement program receives. Virtually all workers pay Social Security taxes in the United States, and the amount you pay directly determines the amount of benefits you receive in your later years. The amount depends upon your income -- but, surprisingly, there's a maximum limit.