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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.
Self-employed individuals, however, will have to pay for the entire tax themselves, putting their OASDI tax rate at 12.4%. They may be able to use tax write-offs to lower their overall taxable income.
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 ...
Social Security recipients are now seeing the 2.5% cost-of-living adjustment (COLA) reflected in their monthly benefit payments. This is intended to help seniors and other Social Security ...
If you're self-employed, you're responsible for paying the full 12.4%. The (kinda) good news is that not all income of some workers might be subject to Social Security payroll taxes -- only up to ...
Most current or near-retirees on a budget will want to take at least some action now.
These polling results show why the cost-of-living adjustment (COLA) reveal by the Social Security Administration (SSA) is the most-anticipated announcement for beneficiaries year after year.