New Social Security change could cost some workers $967 a year

A major change to Social Security is expected to cost some workers $967 per year. This adjustment occurs because a larger portion of income will now be subject to the payroll taxes that fund the Social Security system. The modification expands the scope of taxable earnings, directly increasing the financial contribution required from affected employees to support the program's funding. This shift ensures more income is captured for the Social Security payroll tax framework.