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As part of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 enacted on December 17, 2010, the employee Social Security tax rate is reduced from 6.2% to 4.2% for wages paid during the year 2011 and 2012. The employer Social Security tax rate and the Social Security Wage Base were not directly impacted by this ...
The maximum earnings reported to Social Security. ... 2011. $106,800. 1987. $43,800. 2012. ... If you can keep working to reach 35 years of earnings history or collect a high income now to offset ...
But the differences between the maximum possible 2025 Social Security benefit at 62, 67, and 70 show the value of delaying benefits as long as possible. ... Earnings that it doesn't tax don't ...
That's because the SSA caps the amount of income subject to Social Security tax each year. And if you don't pay any Social Security tax on those wages, it also won't go toward your earnings for ...
By Congressional Budget Office (CBO) calculations, the lowest income quintile (0–20%) and second quintile (21–40%) of households in the U.S., pay an average federal income tax of −9.3% and −2.6% of income and Social Security taxes of 8.3% and 7.9% of income respectively.
This is because income over the payroll tax cap ($127,200 in 2017) is not taxed; if individuals generate higher income above the taxable income limit, that lack of additional taxation results in lower funding than possible if there were no income limit. The Social Security Administration explained in 2011 that historically, an average of ...
Here's the salary you need if you want the maximum Social Security benefit. ... 2011. $106,800. 1987. $43,800. 2012. $110,100 ... That's because the income limits for Social Security income tax ...
The general Social Security earnings-test limit in 2025 is $23,400 (up from $22,320 in 2024). You'll have $1 in Social Security withheld for every $2 you earn above that limit.