The Congressional Research Service Nov. 6 updated its report on Social Security cost-of-living adjustments with the 1.5 percent increase for 2014.
The Social Security Administration announced the COLA increase Oct. 30 (211 PBD, 10/31/13; 40 BPR 2563, 11/5/13). With that increase, the most that an employee will owe in 2014 for Social Security taxes is $7,254, SSA said. The maximum for 2013 was $7,049.40. Social Security taxes finance the Old-Age, Survivors, and Disability Insurance (OASDI) program.
The report, “Social Security: Cost-of-Living Adjustments” (No. 94-803), said that the Congressional Budget Office and the Social Security trust fund trustees ...
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