==== 2024-10-14 ====
Update 1:
  * I made the following notes while reading https://www.kiplinger.com/taxes/social-security-tax-limit-jumps-for-2025 but afterwards, I found 
  * https://www.ssa.gov/news/press/factsheets/colafacts2025.pdf and
  * https://www.ssa.gov/news/press/factsheets/colafacts2024.pdf
which are more comprehensive and less wordy. It is better to go with https://www.ssa.gov/news/press/factsheets/colafacts2025.pdf than my notes here.

Notes from https://www.kiplinger.com/taxes/social-security-tax-limit-jumps-for-2025
  * The SSA sets two things every year - COLA, tax limit
  * This tax limit is also known as "wage cap". It is the amount of income subject to Social Security payroll tax.

  * <WRAP>
^ year ^ COLA ^ tax limit ^
| 2024 | 3.2 | \$168,600 |
| 2025 | 2.5 | \$176,100 |
</WRAP>

  * <WRAP>
^ name ^ employer contribution ^ employee contribution ^ total ^ subjected to income cap ^
| Social Security tax rate | 6.2% | 6.2% | 12.4% | Yes |
| Medicate tax rate | 1.45% | 1.45% | 2.9% | No |
</WRAP>