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The Federal Insurance Contributions Act (FICA) (codified in the Internal Revenue Code) imposes a Social Security withholding tax equal to 6.20% of the gross wage amount, up to but not exceeding the Social Security Wage Base ($97,500 for 2007; $102,000 for 2008; and $106,800 for 2009, 2010, and 2011). The same 6.20% tax is imposed on employers.
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 ...
Substantial gainful activity is a term used in the United States by the Social Security Administration (SSA). Being incapable of substantial gainful employment is one of the criteria for eligibility for Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI) benefits. It is known as the "SGA requirement," and is ...
The general Social Security earnings-test limit in 2025 is $23,400 (up from $22,320 in 2024). ... you may want to find ways to lower you taxes to offset the higher amount of wages you'll be taxed ...
And that amount will climb over time thanks to annual cost-of-living ... 2009. $106,800. 1985. $39,600. 2010. $106,800. 1986. $42,000 ... If you're in line for the maximum possible Social Security ...
This is how the average and maximum benefit amounts have changed since 2014 -- as well as some not-so-good news about the future of Social Security. Two people sitting at a table looking at documents.
For example, raising the payroll tax rate to 15% during 2016 (from the current 12.4%) or cutting benefits by 19%, or eliminating the annual maximum amount of compensation that is subject to the Social Security payroll tax, would address the program's budgetary concerns indefinitely; these amounts increase to 16% and 21% respectively if no ...
How to reach the maximum benefit amount. Starting in 2025, the most you can collect from Social Security is a whopping $5,108 per month. But one of the requirements for earning that payment is ...