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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 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 ...
This is known as maximum taxable earnings, which shifts on a yearly basis in line with changes in the national average wage index. For 2022, that amount is $147,000, but the Social Security ...
Tax bill on 2023 Social Security benefits could catch retirees off guard. Many retirees’ budgets may take a hit for the first time this tax season — a federal income tax bill on a portion of ...
The most you can receive by claiming at age 67 is $3,911 per month. At age 62, the maximum possible benefit is just $2,710 per month -- roughly half of the $4,873 payments you'd collect at age 70 ...
Add both of the above figures to your combined total income. If you and your spouse’s total combined income after the above calculation is between $32,000 and $44,000, you may owe taxes on up to ...
You may have to pay federal income taxes on your Social Security benefits if you: File a federal tax return as an individual. If your combined income is between $25,000 and $34,000, you may have ...