consulting and training) under the same contract for the purposes of customizing the. product, or product roll-out and implementation, the agency may be able to purchase. those services up to 20% of the value of the product and first year's maintenance.
The Social Security tax is a flat tax rate of 6.2 percent on your wage income up to $118,500 as of 2017. Any wages you earn over $118,500 aren't subject to the Social Security tax, so the figure shown in Box 4 should be no more than $7,347.00, the $118,500 maximum wage base times 6.2 percent.
But what about Social Security? According to the Social Security website, the average monthly payment is $1,237, or an annual payment of $14,844. Put both investment and Social Security income together, and you get $16,619 today, $17,416 in 10 years, plus Social Security cost-of-living adjustments.