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Year. Wage Base Limit. 2025. $176,100. 2024. $168,600. 2023. $160,200. 2022. $147,000. ... There could be a situation in which you earn above the wage base limit in one year but not the next ...
This cap is the highest annual income subject to Social Security tax, and the closer your wages are to this limit, the higher your benefit will be. In 2024, the cap is $168,600 per year.
In 2025, FICA taxes will increase for higher earners as a result of one key Social Security change. ... of the FICA tax will change next year. The maximum taxable earnings is currently $168,600 ...
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.
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 ...
The general Social Security earnings-test limit in 2025 is $23,400 (up from $22,320 in 2024). ... Each year, there's a wage cap put in place that determines how much income is taxed to fund the ...
The big Social Security news from the last couple of months has been the 2025 COLA, which came in at 2.5%. ... you earn in a year. The high limits mean that most people pay these taxes on all of ...
In 2025, the wage cap is rising from $168,600 to $176,100. That means higher earners will pay Social Security tax on an extra $7,500. ... and you can accumulate four credits max per year. In 2025 ...