The law governing Social Security taxes mandates a contribution rate for employees and employers of 6.2 percent of wages below a level just over $100,000.
Two years ago, workers were given a break with a temporary reduction of 2 percent, giving them a bit more money to spend. That break was extended a year ago. The result was a smaller collection of funds into the Social Security Trust Fund, which has the potential of harming the longevity of that fund.
The expiration of that break is not a tax increase, as many would have you believe, but just a return to the levels mandated in the law.