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Tax bill on 2023 Social Security benefits could catch retirees off guard ... of 8.7% in 2023 — an average of $140 more per month — the largest hike in more than 40 years. ... Most states do ...
Otherwise, taxes in the range of 3.75% to 5.99% apply, resulting in a tax bite of between $66.91 and $106.87 monthly on the average Social Security benefit. Utah. Utah’s flat tax rate of 4.85% ...
For the 2023 tax year, your employer has to stop taking out Social Security taxes when your income surpasses $160,200. You're still obligated to pay the taxes on all income less than that amount.
The average monthly Social Security benefit for September 2023 was $1,706. [4] The total cost of the Social Security program for 2022 was $1.244 trillion or about 5.2 percent of U.S. gross domestic product (GDP). [5]
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.
To put those figures in context, the average Social Security retirement benefit as of March 2023 was $1,833 a month, according to AARP. ... In 2023, the maximum taxable income is $160,200 a year ...
December 21, 2023 at 11:00 AM. ... which is the average benefit after the cost of living increase in January 2021. Your total annual benefits would be $18,516. ... State Taxes on Social Security ...
According to the Social Security Administration (SSA), the maximum benefit you could earn if you retire at full retirement age in 2023 would be $3,627. If you retire at 62 in 2023, the maximum ...