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The maximum taxable earnings limit is adjusted annually based on changes in the national average wage index. The official limit for 2025 will be published in mid-October, but the Social Security ...
This is done by multiplying the amount credited to the Social Security earnings record in any given year by an indexing factor. The indexing factor is the ratio of the Wage Index two years before the current year to the Wage Index during the earnings year. The following table shows the Wage Index in effect during each year. [1]
In 2025, the wage base limit is $176,100. This means that someone earning $176,101, $1 million, and $10 million in 2025 will all pay the same amount of Social Security payroll taxes.
Your AIME sums your 35 years of highest earnings (or fewer if you worked less than 35 years), indexes them to factor in wage growth, and then produces an average monthly figure.
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 Fiscal Responsibility Act of 2023, passed in June 2023, resolved that year's debt-ceiling crisis and set spending caps for FY2024 and FY2025. The act called for $895 billion in defense spending and $711 billion in non-defense discretionary spending for fiscal year 2025, representing a 1% increase over fiscal year 2024. [10]
Keeping in mind that we haven't even reached the months that matter for the COLA calculation, an estimated 2.7% cost-of-living adjustment in 2025 would increase the average retired worker's check ...
The stock market (S&P 500 Index) increased 29% from December 2023 to November 2024, using monthly average levels. [48] Real (inflation-adjusted) hourly wages increased from $30.29 in January to $30.57 in November, among the highest readings for data back to 1964, indicating robust purchasing power despite inflation in 2021-2022.