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Here are the most recent 50 years of the maximum taxable earnings. ... 2007. $97,500. 1983. $35,700. ... Even if you don't expect to receive the maximum possible Social Security benefit for your ...
Here's a table with the last 50 years of maximum-taxable earnings. Year. Earnings. ... 2007. $97,500. 1983. $35,700. 2008. $102,000. ... in line to collect the maximum possible benefit from Social ...
It is also the maximum amount of covered wages that are taken into account when average earnings are calculated in order to determine a worker's Social Security benefit. 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.
For 2020, the maximum Social Security tax paid by an employee — not including Medicare taxes — is $8,537.40. Medicare taxes are an additional 1.45% for both employers and employees, taking the ...
Some federal, state, local and education government employees pay no Social Security tax but have their own retirement and disability systems that nearly always pay better retirement and disability benefits than the SSA. These plans typically require vesting (working 5–10 years for the same employer before becoming eligible for retirement ...
Each calendar year, the wages of each covered worker [a] up to the Social Security Wage Base (SSWB) are recorded along with the calendar by the Social Security Administration. If a worker has 35 or fewer years of earnings, then the Average Indexed Monthly Earnings is the numerical average of those 35 years of covered wages; with zeros used to ...
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