You do know why the drop off don’t you? Making $92,000 does NOT put into SS tax as say $300,000 a year (7.5%), do the math. I’ll say there’s at least 50% or more in that lower bracket (poor people like me)
Medicare is health insurance and has nothing to do with SS earnings. A lot of people don't know that Medicare tax has no income limit like SS does. You pay on every dollar you earn. On top of that an additional .9% penalty is added to incomes over $200K. Also 90% of people pay the minimum medicare but at least make the brackets fair.
The max this year on SS earnings is $147,000. This is because it has a max payout and any income above the $147K is not used for your pension. SS is a retirement program based on your best earnings over 35 years.
