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As part of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 enacted on December 17, 2010, the employee Social Security tax rate is reduced from 6.2% to 4.2% for wages paid during the year 2011 and 2012. The employer Social Security tax rate and the Social Security Wage Base were not directly impacted by this ...
Social Security taxes are paid into the Social Security Trust Fund maintained by the U.S. Treasury (technically, the "Federal Old-Age and Survivors Insurance Trust Fund", as established by ). Current year expenses are paid from current Social Security tax revenues.
Each year, the Social Security Administration puts a wage cap in place that determines how much income is subject to Social Security taxes. The Social Security wage cap is rising in 2025, compared ...
However, the amount of income subject to the Social Security portion of the FICA tax will change next year. The maximum taxable earnings is currently $168,600 but will rise to $176,100 in 2025.
For example, if you make $100,000 annually, you'll see $6,200 in Social Security payroll taxes deducted from your checks throughout the year, while your employer will pay the government another ...
Every year, the government makes adjustments to the program that help it take in greater tax revenue and increase benefits available to retirees, among other things. The big Social Security news ...
In 2025, that cap is $176,100, up from $168,600 in 2024. So if you earn $200,000 a year, you won't pay Social Security taxes on your last $23,900 of income.
Image source: Getty Images. Social Security also has a wage cap that dictates how much income is taxed each year to fund it. In 2024, the wage cap was $168,600. But in 2025, it's increasing to ...
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