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Here's the Average and Maximum Social Security Benefit Every Year Since 2014 ... consistently reaching the maximum taxable earnings limit -- which is the highest income subject to Social Security ...
2020. $137,700 . 1996. $62,700. 2021. $142,800 ... If you're in line for the maximum possible Social Security benefit, that means you've earned a relatively high salary for at least 35 years ...
It is also the maximum amount of covered wages that are taken into account when average earnings are calculated in order to determine a worker's Social Security benefit. 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.
It takes a long career earning a high salary to achieve the maximum Social Security benefit. ... 2020. $137,700. 1996. $62,700. ... you'll have a relatively high annual income from Social Security ...
People hoping to receive the maximum Social Security benefit need to pay close attention to ... 2020. $137,700. 2019. $132,900 ... Social Security is supplemental income to complement other ...
For 2020, the maximum Social Security tax paid by an employee — not including Medicare taxes — is $8,537.40. ... Medicare tax and additional Medicare tax for high-income earners. For 2020, the ...
Collecting the maximum Social Security benefit does not require you to earn millions of dollars each year as there's an annual limit on the amount of individual wages the government taxes for the ...
If you want to be in line for the maximum possible Social Security benefit, you need to earn a relatively high salary throughout your career. ... But high earners might not see all of their income ...
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