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  2. FICA Tax Rate for 2023-2024: Everything You Need To Know - AOL

    www.aol.com/finance/fica-tax-rate-2023-2024...

    The Social Security tax rate is 12.4% of your paycheck, and another 2.9% goes to Medicare, for a total FICA tax rate of 15.3%. If that seems steep, it’s because you aren’t paying the entirety.

  3. Social Security Wage Base - Wikipedia

    en.wikipedia.org/wiki/Social_Security_Wage_Base

    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 ...

  4. Social Security (United States) - Wikipedia

    en.wikipedia.org/wiki/Social_Security_(United...

    The Federal Insurance Contributions Act (FICA) (codified in the Internal Revenue Code) imposes a Social Security withholding tax equal to 6.20% of the gross wage amount, up to but not exceeding the Social Security Wage Base ($97,500 for 2007; $102,000 for 2008; and $106,800 for 2009, 2010, and 2011). The same 6.20% tax is imposed on employers.

  5. What Is the Maximum Taxable Income for Social Security for 2023?

    www.aol.com/finance/maximum-taxable-income...

    For 2022, that amount is $147,000, but the Social Security Administration (SSA) has suggested several provisions that could modify that amount in 2023. See: What Is the Average Social Security ...

  6. Medicare and Social Security funding: FICA taxes and trust ...

    www.aol.com/finance/medicare-social-security...

    In 2023, the Social Security Administration paid out over $1.4 trillion in benefits to more than 73 million recipients. ... FICA taxes: Social Security tax: Both you and your employer contribute 6 ...

  7. Federal Insurance Contributions Act - Wikipedia

    en.wikipedia.org/wiki/Federal_Insurance...

    Since 1990, the employee's share of the Social Security portion of the FICA tax has been 6.2% of gross compensation up to a limit that adjusts with inflation. [a] [9] The taxation limit in 2020 was $137,700 of gross compensation, resulting in a maximum Social Security tax for 2020 of $8,537.40. [7]

  8. 6 Big Shakeups to Social Security in 2023 - AOL

    www.aol.com/finance/6-shakeups-social-security...

    There is a limit on the amount of your annual earnings that can be taxed by Social Security, called the maximum taxable earnings. That limit rose to $160,200 in 2023 from $147,000 in 2022. Change ...

  9. How Your Social Security Is Changing in 2023 - AOL

    www.aol.com/know-major-social-security-changes...

    Other dollar limits on Social Security payroll taxes, taxes on benefits, … Continue reading → The post You Need to Know About These Major Social Security Changes in 2023 appeared first on ...