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Here's How You Can Stop Paying Interest on Your Credit Card for a Full Year This article originally appeared on GOBankingRates.com : 9 States That Will Tax Social Security Benefits in 2025 Show ...
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 ...
In 2024, the wage cap sat at $168,600. But this year, it's up to $176,100, which means higher earners will pay Social Security tax on an extra $7,500 of income. At first, that might seem like bad ...
Data source: The Social Security Administration. Social Security's payroll tax rate is 6.2% for most workers. The only exception is self-employed individuals, who are taxed at 12.4%.
In 2025, the maximum taxable earnings limit will increase to $176,100. Most workers pay 6.2% of their income, which means the maximum tax burden is $10,918.20. That exceeds the maximum tax burden ...
Each year, there's a wage cap put in place that determines how much income is taxed to fund the program. In 2025, that cap is $176,100, up from $168,600 in 2024.
Right now, the Social Security tax rate is 12.4% — 6.2% for the employee, 6.2% for the employer. With this change, employees will pay up to $10,918.20 in 2025, compared to $10,453.20 currently ...
Image source: Getty Images. 1. Monthly benefits will be higher in 2025. The most notable change to Social Security benefits in 2025 should be good news.