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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. In 2020, the ...
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 ...
Maximum Taxable Earnings Limit. 2020. $137,700. 2021. $142,800. 2022. $147,000. ... the maximum amount most workers will pay in Social Security taxes next year will increase to $10,843.80, meaning ...
[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).
Social Security limits the amount of wages that it taxes each year based on inflation and wage growth. In 2024, Social Security's wage cap was $168,600. In 2025, it's $176,100.
This is how the average and maximum benefit amounts have changed since 2014 -- as well as some not-so-good news about the future of Social Security. ... which is the highest income subject to ...
One of these is the maximum amount of earnings that are subject to Social Security tax. Here's what the new limit is and what it means for high earners in the United States. The $ 22,924 Social ...
The following changes will affect monthly benefits as well as Social Security payroll taxes. ... The annual wage base limit is the maximum amount of your income subject to Social Security payroll ...