(Photo courtesy of Creative Commons).

More than 60 million people will benefit from the increase. The Social Security Administration announced the maximum amount of earnings subject to Social Security tax will increase from $106,800 to $110,100. The administration reported that 10 million workers will pay higher taxes as a result of the taxable maximum increase.

According to Forbes, taxes taken from workers’ paychecks could rise from this year’s $4,485.60 to $6,826.82. Additionally, a temporary 2011 rate cut in employees’ part of the Social Security tax will expire.

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Reach executive producer Agnus-Dei Farrant here.