New Social Security rates effective today

On last night’s newscast we reported that the statutory instrument raising Social Security contributions would be signed sometime this week and it was not clear precisely when the new rates would be put into effect. Well, today it’s clear…that’s right, as of July first–that’s today–workers and employers will share in the payment of an additional percentage point in payroll deductions. According to a table conveniently supplied by the Social Security Board, weekly payments made by employees will now range from a low of eighty-three cents to a high of nine-fifty-five. The amount paid by employers will run from three-fifty-seven to sixteen dollars and five cents.