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The Social Security Fairness Act (SSFA), which was recently signed into law on Jan. 5, by President Joe Biden, eliminates rules that reduce Social Security benefits for those who also get income ...
Some workers could lose more money to Social Security payroll taxes in 2025 because the taxable wage base has gone up. In 2024, you only paid these taxes on your first $168,600 in earnings.
The new wage base limit, which will be in effect in 2025, is $176,100, up from the $168,600 limit in 2024. This means more income of some workers will be subject to Social Security payroll taxes.
1. The 2025 Social Security COLA. Social Security beneficiaries are getting a 2.5% cost-of-living adjustment, or COLA, starting with the payment they receive in January 2025. As of the latest data ...
The general Social Security earnings-test limit in 2025 is $23,400 (up from $22,320 in 2024). You'll have $1 in Social Security withheld for every $2 you earn above that limit.
For those reaching full retirement age in 2025, there's a higher earnings-test limit of $62,160, up from $59,520 in 2024. ... In 2025, Social Security's wage cap is $176,100, up from $168,600 in ...
Data source: Social Security Administration. As shown above, two groups of beneficiaries reached FRA in 2024: (1) Workers born in the second half of 1957 attained FRA at age 66 and 6 months ...
That will increase to $10,918 next year (i.e., 6.2% of $176,100), meaning some workers will pay up to $465 more in payroll taxes in 2025. 3. The maximum Social Security benefit for new retirees ...