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Two other suggested provision aims to apply the OASDI 12.4% payroll tax rate on earnings above $250,000 or $300,000 starting in 2023, which would tax all earnings once the taxable maximum exceeds ...
Once you reach full retirement age, the earnings limit is removed and you can collect your full benefits regardless of other income you earn. 2023 Social Security Formula
There is a limit on the amount of your annual earnings that can be taxed by Social Security, called the maximum taxable earnings. That limit will rise to $160,200 in 2023 from $147,000 in 2022 ...
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.
That sum, often referred to as the "maximum taxable earnings," is determined by the SSA each year. For 2024, it's $168,600 (up from $160,200 in 2023 and $147,000 in 2022).
The maximum taxable income is the amount of wages on which you pay Social Security taxes, which are deducted from your earnings. In 2023, the maximum taxable income is $160,200 a year.
The new payment amount will start in January 2023 for most Social Security beneficiaries. For those receiving Supplemental Security Income benefits, the new payment amounts will begin on Dec. 30 ...
Next year's maximum monthly payment is a hefty $5,108, or full-year income of $61,296. That's not bad, particularly when combined with other sources of retirement income. The number begs a ...