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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 ...
The Social Security tax is one component of the Federal Insurance Contributions Act tax (FICA) and Self-employment tax, the other component being the Medicare tax. 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 ...
[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. $142,800. 2022. $147,000. 2023. $160,200. 2024. $168,600. Data source: The Social Security Administration. Social Security's payroll tax rate ...
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
Here's the Average and Maximum Social Security Benefit Every Year Since 2014 ... This is how the average and maximum benefit amounts have changed since 2014 -- as well as some not-so-good news ...