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Consequently, workers who make $200,000 per year pay exactly the same amount in Social Security taxes as workers who make $2 million. In 2025, the maximum taxable earnings limit will increase to ...
Making matters worse on the tax front is that in recent years, rampant inflation has led to higher-than-average Social Security COLAs. In 2022, benefits were eligible for a 5.9% COLA, followed by ...
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 2024, Social Security benefits are subject to federal taxes for individuals with a combined income of over $25,000 ($32,000 for married couples filing jointly).
Data source: Social Security Administration. If those thresholds seem extremely low, that's because they haven't changed since Congress set them over 30 years ago.
Taxes on Social Security benefits have been nixed in New Mexico for individual recipients with annual earnings less than $100,000, and married people making less than $150,000.