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In 2024, all earned income -- wages and salary, but not investment income -- between $0.01 and $168,600 is subject to Social Security's 12.4% payroll tax. ... Social Security's maximum monthly ...
Social Security is primarily funded by the 12.4% payroll tax collected on earned income (wages and salary, but not investment income). In 2024, earned income between $0.01 and $168,600 was subject ...
In 2024, the maximum monthly Social Security check is $4,873. ... you'd get a monthly benefit of around $33,333 if there was no cap. The government doesn't want to be paying out this much money ...
As mentioned, there are a couple of other factors that go into calculating your monthly Social Security check. First is when you were born. The $4,873 maximum monthly benefit in 2024 is only ...
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 ...
It takes a long career earning a high salary to achieve the maximum Social Security benefit. ... monthly check. The maximum benefit in 2024 is $4,873 per month, the equivalent of $58,476 per year ...
Of course, Social Security's maximum monthly benefit has also grown in step with inflation. In 1974, the most anyone could possibly collect from the program was only a few hundred bucks per month ...
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.