A Big Change Is Coming to Social Security in 2022. Are You Prepared?
Social Security helps keep millions of seniors afloat each year. But the program doesn't magically fund itself. Rather, it needs revenue to stay afloat.
Social Security's primary source of revenue is the payroll tax it collects. If you've ever glanced at your paycheck, you'll notice that Social Security takes a chunk out of it.
But if you're a higher earner, you may not pay taxes on all of your income. That's because there's a wage cap that dictates how much earnings workers pay Social Security taxes on.
Source Fool.com
