Take a guess; how many Americans earn $50 million or more per year? Answer: 199 earn a wage or salary of over $50 million a year which turns out to be about $117,000 daily. (Most of the very wealthy get their incomes from investments, not salaries.)
Why are these fellow Americans interesting? Why is $117,000 a day an interesting number? Because after today those fellow country men and women stop paying Social Security taxes (they continue to pay Medicare tax all year). The Social Security earnings cap is $117,000 per year.
Why are these fellow Americans interesting? Why is $117,000 a day an interesting number? Because after today those fellow country men and women stop paying Social Security taxes (they continue to pay Medicare tax all year). The Social Security earnings cap is $117,000 per year.