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You're exempt from Social Security payroll taxes if you're self-employed and earn less than $400. For those earning above that, the amount subject to self-employment tax is 92.35% of your net ...
For example, if someone earned $175,000 in 2024, $6,400 of their earned income would have been exempt from the Social Security payroll tax -- sparing them almost $400 in taxes.
This means more income of some workers will be subject to Social Security payroll taxes. For example, if you earned $175,000 in 2024, $6,400 would be exempt from Social Security payroll taxes ...
If you’re a single-filing individual in Utah and make less than $30,000 yearly, your Social Security benefits are exempt from taxation. Similarly, married couples making less $50,000 are exempt ...
Data source: The Social Security Administration. Social Security's payroll tax rate is 6.2% for most workers. The only exception is self-employed individuals, who are taxed at 12.4%.
In 2025, Colorado residents between the ages of 55 and 64 will be exempt from state Social Security taxes if they have an AGI of less than $75,000 for single filers and $95,000 for joint filers ...
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