Starting January 2015, recipients of Social Security programs will get an average increase of $22 per month in addition to what they have been receiving monthly, the Wall Street Journal reported.
Meanwhile, the amount of Americans’ salaries that will be automatically attributed to covering Social Security taxes is also increasing.
At present, Social Security is paid for by a 12.4% payroll tax on the first $117,000 of a worker’s salary – half of that amount is paid for by the employee while half is paid for by the employer. In 2015, the wage cap will hike to $118,000, the Social Security Administration recently confirmed.
In the country, around 59 million people, comprised of disabled workers, retirees, and spouses and children, receive Social Security benefits.
The Social Security Disability Insurance program of the Social Security Administration can financially assist people who have become disabled and lost the ability to earn money through work. If you need to file for a disability benefits claim in San Antonio and you need legal help, contact our attorneys at the Chris Mayo Law Firm by calling (210) 899-5440 today.