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Each year, workers pay taxes on income up to a specific amount, called the wage base limit. In 2024, the limit is $168,600 annually, however, limits increase over time based on wage growth.
If you claim benefits early and earn over a certain limit, Social Security will subject you to its retirement earnings test (RET). The good news, though, is that this limit increased for 2024.
The Social Security tax is one component of the Federal Insurance Contributions Act tax (FICA) and Self-employment tax, the other component being the Medicare tax. 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 .
For the 2024 and 2025 tax years, your Social Security income isn’t taxed if your income falls below the following thresholds: $75,000 for married couples filing separately $100,000 for single or ...
In addition to the COLA, Tierney said, “Social Security also made its annual adjustments in other items for 2024, including the maximum taxable earnings amount ($168,600) and the earnings limit ...
If the total annual income is above $44,000, up to 85% of your Social Security income may be taxable. You can also use the IRS worksheet from Publication 915 to calculate how much of your Social ...