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People can make additional voluntary contributions to their superannuation and receive tax benefits for doing so, subject to limits. Since the 2021/22 financial year, the concessional contribution cap has been $27,500. This figure is indexed to the Average Weekly Ordinary Times Earnings (AWOTE), but will only increase in increments of $2,500.
Contributions to superannuation funds are subject to two types of "caps", and a third has been proposed in the 2016 federal budget. The annual concessional contributions cap since 2014/15 has been $30,000, with the cap for people over the age of 49 at the start of each year being $35,000. [5]
Both employees and employers pay a 6.2% tax on wages up to a "taxable maximum" limit of $176,100 in 2025. That's a total of 12.4% of wages (self-employed workers pay the whole thing).
In 2025, the maximum monthly SSI payment rises to $967 for individuals and $1,450 for couples, up from $943 and $1,415, respectively, in 2024. More Income Is Eligible for Taxation To Fund the Program
Key Points from 24/7 Wall St.: The maximum Social Security check in 2025 is $5,108. There’s a maximum check because there is a cap on how much income is used to calculate benefits.
On the campaign trail, Trump promised a variety of tax breaks, including removing the TCJA’s $10,000 cap on the deduction for state and local taxes, and eliminating taxes on tip income, overtime ...
For 2025, the CPI-W showed a 2.5% increase in 2024, so benefits increased by 2.5%. However, inflation picked up speed toward the end of 2024, which means prices rose faster than the adjustment ...
5 2025 SUVs the Middle Class Should Consider Buying. 25 Places To Buy a Home If You Want It To Gain Value. 3 Things You Must Do When Your Savings Reach $50,000.