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Regarding Social Security, there's a little-known rule that can greatly impact your monthly benefits: your payments are calculated based on your 35 highest-earning years. If you haven't worked a ...
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 ...
Specifically, your standard Social Security benefit equals a percentage of your average monthly income calculated using your 35 highest earning years, after adjusting for wage growth.
The fact is, however, a handful of people are doing pretty well with their Social Security benefits, collecting this year's maximum possible monthly payment $5,108. Start Your Mornings Smarter!
That's because you don't pay Social Security payroll taxes on all your income. In 2024, you only paid these taxes on the first $168,600 you earned. In prior years, this limit was lower .
The general Social Security earnings-test limit in 2025 is $23,400 (up from $22,320 in 2024). You'll have $1 in Social Security withheld for every $2 you earn above that limit.
The wage base limit in 2024 is $168,600, so any amount earned above this is exempt from Social Security taxes and not used to determine your monthly Social Security benefit. To earn the maximum ...
A separate analysis from the Center on Budget and Policy Priorities found that the poverty rate for adults aged 65 and above would be nearly four times higher if Social Security didn't exist -- 10 ...