And you will probably pay Social Security taxes all year -- most of us do. Who are these people who don’t pay all year long--or in the extreme, who pay their total annual Social Security taxes in less than one day? Social Security is Important and PopularSome background: a 65-year old expected to live 20 years who receives $1300 per month (inflation indexed) from Social Security has a present value Social Security wealth of approximately $350,000 (assuming a conservative return and modest inflation; see Dana Anspach's efficient calculations). Who are these people who don’t pay all year long--or in the extreme, who pay all of their total annual Social Security taxes after only one day? But these extremely wealthy people only paid Social Security taxes on the first $128,400 they earned in 2018.

Source: Forbes January 01, 2019 06:11 UTC