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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 ...
Year. Social Security's Taxable Earned Income Ceiling. Year. Social Security's Taxable Earned Income Ceiling. 1984. $37,800. 2005. $90,000. 1985. $39,600. 2006. $94,200
The following table details the taxable maximum in each of the past 50 years. ... a successful career with a salary high enough to consistently exceed the Social Security maximum earnings is going ...
This is how the average and maximum benefit amounts have changed since 2014 -- as well as some not-so-good news about the future of Social Security. Two people sitting at a table looking at documents.
The general Social Security earnings-test limit in 2025 is $23,400 (up from $22,320 in 2024). ... at a maximum of four credits per year. In 2025, a single work credit is worth $1,810, up from ...
Image source: Getty Images. Your earnings must equal or exceed the wage base limit. Social Security benefits equal a percentage of inflation-adjusted earnings in the 35 years your income was highest.
Of course, Social Security's maximum monthly benefit has also grown in step with inflation. In 1974, the most anyone could possibly collect from the program was only a few hundred bucks per month ...
Table source: Social Security Administration. As you can see, there's a stark difference in the monthly income depending on the age you claim. A 70-year-old can receive up to $58,476 this year ...