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Here's the salary you need if you want the maximum Social Security benefit. ... 2021. $142,800. 1997. $65,400. 2022. $147,000 ... That's because the income limits for Social Security income tax ...
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] A person with $10,000 of gross income had $620.00 withheld as Social Security tax from his check and the employer sent an additional $620.00. A person with $130,000 of ...
The SSA updates the maximum taxable earnings limit each year to adjust it for wage inflation. ... 2021. $142,800. 1997. $65,400. 2022. $147,000 ... If you're in line for the maximum possible ...
People hoping to receive the maximum Social Security benefit need to pay close ... 2021. $142,800. 2020. $137,700 ... pay Social Security payroll taxes on any income above the wage base limit ...
For example, if you qualify for the maximum Social Security payout of $3,895 and your spouse’s benefit based on their own work record is just $1,200, they’ll earn more claiming the 50% spousal ...
How to max out Social Security's retirement benefits. ... 2021. $142,800. 2001. $80,400. 2022. $147,000 ... Either amount of money would generate nice retirement income to add to whatever Social ...
Earnings above the wage base limit aren't subject to Social Security taxes each year, so they don't count toward calculating your benefit. In 2025, the wage base limit is $176,100.
There's an annual limit on the amount you'll pay Social Security taxes on, and that's also the annual limit that counts toward calculating your benefit. ... 2021. $142,800 . 1997. $65,400. 2022 ...