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There's a limit to how much of your income can be taxed for Social Security purposes, and that cap is called the maximum taxable earnings limit. ... In 2024, it will be $168,600 per year ...
For the 2023 tax year, your employer has to stop taking out Social Security taxes when your income surpasses $160,200. You're still obligated to pay the taxes on all income less than that amount.
The Social Security tax rate is 12.4% of your paycheck, and another 2.9% goes to Medicare, for a total FICA tax rate of 15.3%. If that seems steep, it’s because you aren’t paying the entirety.
The employer Social Security tax rate and the Social Security Wage Base were not directly impacted by this act, though they did change; only the employee's tax rate changes. This is reflected in the above table, showing the reduction from $6,621.60 to $4,485.60.
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 some cases, some or all of your Social Security income can be state tax-free. For those who have to pay, monthly taxes on the average benefit will reach between $53.53 and $124.72. Kansas