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If you deferred paying part of your 2020 Social Security tax liability due to COVID-19 relief efforts, you don’t have much time left to pay the rest. The IRS this week issued a reminder that ...
The taxable earnings cap refers to the amount of a person's annual income that is subject to Social Security payroll taxes. The cap changes every year. In 2025, it's $176,100.
If you suspect a late payment is due to a change in your personal banking details — or because of an address change — or any other substantive reason, you need to call your local Social ...
For example, if you earned $175,000 in 2024, $6,400 would be exempt from Social Security payroll taxes. However, if you earn $175,000 in 2025, all of it will be subject to taxes because it's below ...
Currently, workers have 6.2% of their wages deducted from their paychecks for Social Security taxes. If that percentage increases, the financial impact for non-retirees will be smaller paychecks.
Importantly, the Social Security payroll tax rate is 6.2% for the vast majority of workers. So, the maximum tax burden in 2025 is $10,918.20. That number is the product of $176,100 multiplied by 6.2%.
For example, if you're going to earn $175,000 in 2024, $6,400 would be exempt from Social Security payroll taxes. However, if you make that much in 2025, all of it will be subject to payroll taxes ...
Some workers could lose more money to Social Security payroll taxes in 2025 because the taxable wage base has gone up. In 2024, you only paid these taxes on your first $168,600 in earnings.