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You're probably taxed on all your wages for Social Security -- there's a 6.2% deduction on your paystub and it's matched by another 6.2% coming from your employer. ( Self-employed people have to ...
(Self-employed folks have to pay the full 12.4% plus 2.9%, though they can claim a deduction for that.) For 2025, a bit more of high earners' incomes will get taxed for Social Security.
The self-employed version is called the SECA tax, for Self-Employment Contributions Act — or simply, self-employment tax. SECA includes 12.4% Social Security tax and 2.9% Medicare tax, so the ...
Self-employed people pay both shares as part of their annual tax return. The amount of income subject to the tax is adjusted annually. In 2025, you’ll pay the tax on work income up to $176,100 ...
Image source: Getty Images. 1. 2.5% cost-of-living adjustment (COLA) The big Social Security news from the last couple of months has been the 2025 COLA, which came in at 2.5%.This is under the 3.2 ...
Most U.S. workers spend their careers paying Social Security payroll taxes. If you have an employer, both of you split the 12.4% Social Security tax, paying 6.2% each. If you're self-employed, you ...
Social Security's COLA for 2025. Getting straight to the point, COLA is an acronym for cost-of-living adjustment. Just as the name suggests, these are adjustments in the size of recurring payments ...
But when the 2.5% COLA kicks in for the new year, the typical retired worker will see a $49 per-month lift in their payout to $1,976, or roughly $588 extra per year.