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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. [1] [2] A person with $10,000 of gross income had $620.00 withheld as Social Security tax from his check and the employer sent an additional $620.00. A person with $130,000 of ...
Social Security limits the amount of wages that it taxes each year based on inflation and wage growth. In 2024, Social Security's wage cap was $168,600. In 2025, it's $176,100.
The most notable change to Social Security benefits in 2025 should be good news. ... Year. Wage Base Limit. 2015. $118,500 ... and you must have earned above the wage base limit in the 35 years ...
Any dollars earned above the wage base limit aren't counted in calculating Social Security benefits. In 2025, the wage base limit is $176,100, up from $168,600 the prior year.
Each calendar year, the wages of each covered worker [a] up to the Social Security Wage Base (SSWB) are recorded along with the calendar by the Social Security Administration. If a worker has 35 or fewer years of earnings, then the Average Indexed Monthly Earnings is the numerical average of those 35 years of covered wages; with zeros used to ...
Year. Average Monthly Benefit Among Retired Workers. Maximum Monthly Benefit at Full Retirement Age. 2014. $1,294. $2,642. 2015. $1,329. $2,663. 2016. $1,342. $2,639
For 2021, the Social Security wage base is $142,800. This number is indexed for inflation, so back in 1985, the wage base was just $39,600. Don’t Forget About Spousal Social Security Payouts
Year. Wage Base Limit. 2023. $160,200. 2022. $147,000. 2021. ... and similar workers temporarily present in the U.S. are exempt from Social Security payroll taxes on wages paid to them for ...