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SOCIAL SECURITY INCREASES TAX BITE

High-income wage earners will pay more Social Security taxes this year, because the government has expanded the earnings base that it will tax, says KPMG Peat Marwick, a major accounting firm.

In 1988 Social Security taxes were taken out of incomes up to $45,000; this year the taxes will be extended to incomes up to $48,000. For workers who make at least $8,000, this means a $225.30 increase in Social Security taxes. For self-employed individuals, the increase amounts to $390.60.

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