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Social Security is one of the payroll tax deductions taken from everyone's paycheck and is...

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Accounting

Social Security is one of the payroll tax deductions taken from everyone's paycheck and is what many Americans depend on for retirement income. The amount taken every paycheck is 6.2% and is limited to earnings up to $168,600 in 2024. If you make more than that, no social security deduction is taken out after your earnings reach that limit. However, this fund is expected to run out by 2037. Some believe social security is an entitlement and should be drastically reduced or even eliminated. Some feel it should be left alone and that the fund won't run out. And some feel the program should be funded more by raising or eliminating the limit of income taxed. What's you're opinion? Do you agree with any of those ideas or is there another solution?

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