Some Workers Will Pay $11,922.60 in Social Security Tax in 2027. Will You Be One of Them?
Maurie Backman's article for 247wallst.com explains that Social Security's wage cap is rising from $184,500 in 2026 to $192,300 in 2027, leaving higher earners owing up to $11,922.60 after splitting the 12.4% tax with employers, and self-employed workers facing the full $23,845.20. Backman argues the program isn't facing bankruptcy but could see benefit cuts as the labor force shrinks, and urges higher earners and the self-employed to plan and watch for wage-cap legislation.
