Tired of hearing about COVID-19?
Good, let’s talk about murder hornets.
Just when you thought 2020 couldn’t get any more deadly (or strange), along comes word that murder hornets have landed on our shores and are probably heading east.
East is us.
Remember six or seven or maybe 10 years ago the fish with legs and feet were walking out of waterways in Florida and biting people and eating their pets and whatnot?
Something like that.
It was some kind of fish that had grown legs and an ability to breath out of the water and they were from Brazil, or some other country south us, and they were invading dry land in Florida and in the end we were all going to be eaten by walking fish.
Every week it was like, “Oooh the mean walking fish are in Central Florida and the alligators are moving to Geogia.”
And then it was, “Oooh the mean walking fish are in Georgia and isn’’t that an alligator in your pond?”
How many individuals will make $137,700 in 2020? This is the maximum amount of earnings subject to the Social Security tax for this year.
This increase will impact about 12-percent of the 171 million workers who are covered under Social Security.
People who make over $137,700 are not subject to Social Security tax this year. Last year it was a $132,900.
The vast majority of working Americans, approximately 90-percent, will never know a year of life that they are not paying Social Security taxes on all of their earnings.
People who make more are spared paying the tax on income higher than the $137,700 cap.
There is also a limit on how much they can collect in monthly Social Security benefits, which changes a bit each year. This year the max is $3,011 each month if you wait until your full retirement age.
The prediction is that Social Security will be out of money in 2035. Some argue that this won’t happen. Some argue we need to increase the benefits age to 70 to secure continued funding.