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In 2024, you'd have owed a 6.2% tax on all of your income up to $168,600, and anything above that wouldn't have been subject to Social Security tax. In 2025, with the wage base limit going up to ...
In 2024, the wage base limit is $168,600. This means any wages a person earns above that amount are not subject to Social Security tax. In 2025, the wage base limit will be $176,100.
Collectively, these taxes are called FICA taxes because they were authorized by the Federal Insurance Contributions Act (FICA). ... The wage base limit for 2024 is $168,600, ...
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 ...
The good news is that not all income is subject to Social Security payroll taxes -- it's only up to a certain amount, called the "wage base limit." The wage base limit in 2024 is $168,600, so any ...
[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] This limit, known as the Social Security Wage Base, goes up each year based on average national wages and, in general, at a faster rate than the Consumer Price Index (CPI-U).
The new wage base limit, which will be in effect in 2025, is $176,100, up from the $168,600 limit in 2024. This means more income of some workers will be subject to Social Security payroll taxes.
In 2024, the wage base limit is $168,600, up from last year's $160,200 limit. This not only means that higher earners will likely pay more in Social Security taxes this year, but it also became ...