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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 .
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 ...
That means maximizing your earnings subject to Social Security taxes. ... Here are the maximum taxable earnings from the last 50 years. Year. Earnings. Year. Earnings. 1976. $15,300. 2001. $80,400.
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 year we’ll also see an increase in the maximum taxable earnings limit from $168,600 in 2024 to $176,100. ... this means a bigger chunk of your paycheck will go toward Social Security taxes, ...
Historical Social Security Tax Rates Maximum Salary FICA or SECA taxes paid on Year Maximum Earnings taxed OASDI Tax rate ... Increase Social Security taxes. If ...