Question
in order to increase the contributions to the social security old age trust fund, it has been suggested that the covered earnings cap could remain
in order to increase the contributions to the social security old age trust fund, it has been suggested that the covered earnings cap could remain at its current level, but reinstated for income above $400,000 annually. If that happened, a question under current law is:
a. whether the income in excess of $400k would be subject to employee taxation
b. whether state government employees should be exempt from the increase
c. whether the income in excess of $400k would be subject to employer taxation
d. whether there would be any benefit credit for amounts of income taxed above the $400k level
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