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Social Security will turn 90 years old in 2025, and a lot has changed during that time. Every year, the government makes adjustments to the program that help it take in greater tax revenue and ...
Higher ceiling on Social Security payroll taxes Some workers could lose more money to Social Security payroll taxes in 2025 because the taxable wage base has gone up. In 2024, you only paid these ...
1. Increased Social Security payroll tax for high earners. The Social Security taxable wage base increased from $168,600 in 2024 to $176,100 in 2025. This is the amount of your annual income ...
Data source: Social Security Administration, 2023 Annual Statistical Supplement. *As of November 2024. 2. Higher earners will pay more. Maximum taxable earnings also tend to rise each year, and in ...
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.
3. The wage cap for Social Security taxes is going up. Social Security is funded primarily by payroll taxes. Each year, there's a wage cap set that dictates how much income gets taxed for Social ...