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For the 2023 tax year, your employer has to stop taking out Social Security taxes when your income surpasses $160,200. You're still obligated to pay the taxes on all income less than that amount.
Social Security recipients received a high cost-of-living adjustment (COLA) of 8.7% in 2023 — an average of $140 more per month — the largest hike in more than 40 years.
Wage Base Limit. 2023. $160,200. 2022. $147,000. 2021. $142,800. 2020. $137,700. 2019. $132,900. ... Not paying Social Security taxes means not receiving Social Security (or Medicare). That makes ...
The employer Social Security tax rate and the Social Security Wage Base were not directly impacted by this act, though they did change; only the employee's tax rate changes. This is reflected in the above table, showing the reduction from $6,621.60 to $4,485.60.
The Fed interest rate hike and the appointment of a new Social Security commissioner could be causing concerns for those on a fixed income. But financial expert Dave Ramsey says there is some good...
Other dollar limits on Social Security payroll taxes, taxes on benefits, … Continue reading → The post You Need to Know About These Major Social Security Changes in 2023 appeared first on ...
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