For 2021, the social security payroll tax limit is $142,800. This means that both employers and workers must pay a 6.2 percent social security tax on gross annual wage up to $142,800 for the 2021 tax year. When employees’ salaries exceed this limit, the employer should no longer deduct social security taxes from their wages. That means a person making $ 250,000 pays the same as the person making $ 142.800,
Brings to mind the good ol’ American business practice of wielding the Executive Stiletto. The idea was to fire certain employees shortly before they were permitted to receive their retirement packages. RCA, for example, engaged in this practice. Don’t get me wrong here. Big Management wasn’t always THAT draconian; sometimes the prospective pigeon was given the alternative of uprooting his life and family to fill out his time in some abysmal division or location.
The French think the world owes them a living in return for nothing.