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In 2020, the Social Security Wage Base was $137,700 and in 2021 was $142,800; the Social Security tax rate was 6.20% paid by the employee and 6.20% paid by the employer. [1] [2] A person with $10,000 of gross income had $620.00 withheld as Social Security tax from his check and the employer sent an additional $620.00. A person with $130,000 of ...
Historical Social Security Tax Rates Maximum Salary FICA or SECA taxes paid on ... 2008: 102,000: 12.4%: ... There is no maximum limit on this portion of the tax.
Since 1990, the employee's share of the Social Security portion of the FICA tax has been 6.2% of gross compensation up to a limit that adjusts with inflation. [a] [9] The taxation limit in 2020 was $137,700 of gross compensation, resulting in a maximum Social Security tax for 2020 of $8,537.40. [7]
All told, with the Federal Insurance Contributions Act, 12.4% of your paycheck is paid to the government for Social Security taxes and another 2.9% for Medicare, for a total FICA tax rate of 15.3% ...
Under current law, long-term capital gains and dividend income are taxed at a maximum rate of 15 percent through 2008. For taxpayers in the 10 and 15 percent tax brackets, the tax rate is 5 percent through 2007 and zero in 2008. The Conference Report extends the rates effective in 2008 through 2010.
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For individuals who decide to accept benefits before their retirement age, $1 in benefits is deducted for each $2 that is earned above the annual limit ($16,920 for 2017). In the year of an individual's full retirement age, up until the precise month of full retirement, $1 of benefits is deducted for every $3 that is earned over the annual ...
Continue reading ->The post Social Security Tax Limits for 2018 and 2019 appeared first on SmartAsset Blog. Most of us are familiar with the Social Security tax, since we see it right on our ...