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You're probably taxed on all your wages for Social Security -- there's a 6.2% deduction on your paystub and it's matched by another 6.2% coming from your employer. ( Self-employed people have to ...
Most U.S. workers spend their careers paying Social Security payroll taxes. If you have an employer, both of you split the 12.4% Social Security tax, paying 6.2% each. If you're self-employed, you ...
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 ...
(Self-employed folks have to pay the full 12.4% plus 2.9%, though they can claim a deduction for that.) For 2025, a bit more of high earners' incomes will get taxed for Social Security.
Here's the big picture: While the 2.5% COLA in 2025 is the smallest increase in Social Security benefits in four years -- 3.2% in 2024, 8.7% in 2023, and 5.9% in 2022 -- that means prices across ...
Some experts have urged the Social Security Administration to adjust how it calculates the COLA, perhaps using the CPI-E (which tracks changes in spending of those age 62 and older) instead of the ...
Image source: Getty Images. 1. Social Security benefits will get a cost-of-living adjustment (COLA) in 2025. Social Security benefits are protected from inflation by cost-of-living adjustments ...
The Social Security Administration (SSA) recently announced that beneficiaries will get a 2.5% cost-of-living adjustment (COLA) in 2025. The new adjustment will boost the average retirement check ...