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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.
The SSA updates the maximum taxable earnings limit each year to adjust it for wage inflation. ... 2020. $137,700. 1996. $62,700. 2021. $142,800 ... If you're in line for the maximum possible ...
[a] [9] The taxation limit in 2020 was $137,700 of gross compensation, resulting in a maximum Social Security tax for 2020 of $8,537.40. [7] This limit, known as the Social Security Wage Base, goes up each year based on average national wages and, in general, at a faster rate than the Consumer Price Index (CPI-U).
People hoping to receive the maximum Social Security benefit need to pay close attention to the yearly wage base limits. ... 2020. $137,700. 2019. $132,900. 2018. $128,400. 2017. $127,200.
2020. $137,700. 2021. $142,800. 2022. $147,000 ... $168,600. Data source: Social Security Administration. Just 6% of workers have income above the maximum taxable earnings limit in a given year ...
[124] [125] In 2024, the Social Security Wage Base (the upper limit on earnings taxed) increased to $168,600. For each calendar year for which the worker is assessed the FICA contribution, the SSA credits those wages as that year's covered wages.
For 2020, the maximum Social Security tax paid by an employee — not including Medicare taxes — is $8,537.40. ... Medicare tax and additional Medicare tax for high-income earners. For 2020, the ...
To ensure you're collecting the maximum benefit, you must earn a minimum amount of work-based wages each and every year. ... 2020. $137,700. 2000. $76,200. 2021. $142,800. ... Either amount of ...