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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. [1][2 ...
2019. $132,900. 2020. $137,700. 2021. $142,800. 2022. $147,000. If you earn more than the maximum in any year, whether in one job or more than one, the SSA will only use the maximum to calculate ...
This is known as maximum taxable earnings, which shifts on a yearly basis in line with changes in the national average wage index. For 2022, that amount is $147,000, but the Social Security ...
Here's a table with the last 50 years of maximum-taxable earnings. Year. Earnings. Year. Earnings. 1975. $14,100. 2000. $76,200 ... If you earned a large enough paycheck to max out your Social ...
Tax Rate Year Maximum Earnings taxed OASDI ... pay an average federal income tax of −9.3% and −2.6% of income and Social Security taxes of 8.3% and 7.9% of income ...
[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] This limit, known as the Social Security Wage Base, goes up each year based on average national wages and, in general, at a faster rate than the Consumer Price Index (CPI-U).
The maximum amount of earnings subject to the Social Security payroll tax will increase to $168,600 in 2024 from $160,200 in 2023, which will mainly impact those with high salaries. Workers pay a ...
To collect the maximum benefit, you'll need to work for at least 35 full years while consistently reaching the maximum taxable earnings limit -- which is the highest income subject to Social ...
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