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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.
For 2020, the maximum Social Security tax paid by an employee — not including Medicare taxes — is $8,537.40. Medicare taxes are an additional 1.45% for both employers and employees, taking the ...
[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).
Maximum Taxable Earnings Limit. 2020. $137,700. 2021. ... That means most workers will pay up to 6.2% of $168,600 in Social Security taxes this year, so they could owe as much as $10,453.20 ...
To be clear, the following are the tax brackets and marginal tax rates for 2020, which apply to the tax returns that you’re required to file by April 15 of this year. Single Filers 10%: $0-$9,875
People hoping to receive the maximum Social Security benefit need to pay close ... 2020. $137,700. 2019. ... you don't pay Social Security payroll taxes on any income above the wage base limit ...
Collecting the maximum Social Security benefit does not require you to earn millions of dollars each year as there's an annual limit on the amount of individual wages the government taxes for the ...
2020. $137,700. 1996. $62,700 ... 2024. $168,600. 2000. $76,200. 2025. $176,100. Data source: Social Security Administration. Chart by author. ... to receive the maximum possible Social Security ...