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Late Breaking News

Greater Rise in Social Security Wage Base Under Consideration

September 26- The Social Security Administration announced policymakers are considering an increase in the maximum amount of earning subject to Social Security taxes as a way to sustain the program. Payroll taxxes apply to the first $106,800 in earnings, and the wage base is projected to rise to $110,700 in 2012.

The office of Retirement and Disability Policy said, a review of the taxable maximum shows the percentage of covered earnings subject to the payroll tax was 86 percent in 2009, up from a historical average of 83 percent, compared with 15 percent in 1975.

Officials suggested raising the maximum to 90 percent.

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Hawaii Payroll Services

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