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The employer Social Security tax rate and the Social Security Wage Base were not directly impacted by this act, though they did change; only the employee's tax rate changes. This is reflected in the above table, showing the reduction from $6,621.60 to $4,485.60.
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.
Social Security continues to be the largest anti-poverty program, moving 27.6 million individuals out of SPM poverty. The share of the population with resources below 50% of their poverty ...
Image source: Getty Images. Social Security also has a wage cap that dictates how much income is taxed each year to fund it. In 2024, the wage cap was $168,600. But in 2025, it's increasing to ...
The general Social Security earnings-test limit in 2025 is $23,400 (up from $22,320 in 2024). ... Social Security's wage cap is rising. ... you won't pay Social Security taxes on your last $23,900 ...
There are 48 possible poverty thresholds that a family can be assigned to, which vary based on the family size and the age of its members. If a family's total income before taxes is below the poverty threshold, that family is in poverty, and all members of that family have the same poverty status. The same applies for a single individual.
Under this scenario, workers would pay Social Security taxes up to the current wage base — $147,000 in 2022 — and then be exempt from additional taxes on earned income between $147,000 and ...
For 2025, the Social Security wage base — the cap on earnings subject to Social Security tax — will rise to $176,100, meaning only income up to that amount is taxed for Social Security.