And if you're a small business that's willing to make the investment in hiring a new worker or expanding your wagebase, you'll benefit from the tax cut that the President is pushing Congress to pass this week.
The way that the maximum benefit for a particular year is calculated is based upon the maximum wagebase for the year, as well as the applicable COLAs that would apply after the PIA ( Primary Insurance Amount) has been calculated for that individual.
During the 2008 campaign, for instance, then-Senator Obama suggested that the programs giant long-run deficit could be addressed by busting the wage-base cap and imposing the payroll tax on a larger amount of income.