t 1 J L GREETINGS f One of the first things that will greet every every working person with the dawn of the new new year will be an increase In social security taxes Social security payment deductions from wage and salary checks will win rise to 4 48 8 per cent of earnings up to 7 This means that any employee with earnings of 7 will pay 40 in social security taxes Employ Employers ers era will pay an equal amount Thus the total tax take in the tho name of social security will reach nearly 10 per cent of taxable payrolls payrolls pay pay- rolls Nearly 10 per cent of every dollar up to maximum taxable earnings will go to the federal government to pay for social security and medicare medicare medicare-as as much as per employee em em- And more increases in this tax are coming in the years ahead By 1987 it will amount to 5 59 9 per cent each for employees and employer r. r A little little- pamphlet Issued by the Associated Industries of Alabama entitled Another Chunk Out of Your Check explains why social security costs are increasing so rapidly There are two main reasons One a great number of people are now getting benefits which come to more more than the taxes they and their employers have paid into social security Two Congress has changed the law many times to a add more groups to the programs b make it easier to get benefits c increase the I benefits and d add medicare Each change I costs both employees and employers more money So remember among among those who will be first to greet you in the new new year will be the tax collector