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Every year, the government makes adjustments to the program that help it take in greater tax revenue and increase benefits available to retirees, among other things. The big Social Security news ...
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.
Most workers pay 6.2% of their income, which means the maximum tax burden is $10,918.20. ... The maximum Social Security benefit for new retirees will increase in 2025. ... Ohio State pulls away ...
If you reach full retirement age after 2025, up to $1,950 in monthly earnings can be exempt. Above this threshold, $1 in benefits is withheld for every $2 in excess earned income.
The new wage base limit, which will be in effect in 2025, is $176,100, up from the $168,600 limit in 2024. This means more income of some workers will be subject to Social Security payroll taxes.
For 2025, that full exemption will expand to include those ages 55 to 64 with an adjusted gross income equal to or less than $75,000 for individuals or $95,000 for couples filing jointly.
Each year, there's a wage cap set that dictates how much income gets taxed for Social Security purposes. In 2024, that cap sat at $168,600. In 2025, it's rising to $176,100.
In 2025, retirees younger than the FRA for the entire year can earn up to $23,400 before any benefits are affected. If your income exceeds this threshold, $1 in benefits is withheld for every $2 ...