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The Social Security Administration adjusts the amount each year for inflation. For 2024, anyone earning $168,600 or more paid the exact same amount of Social Security taxes. The limit for 2025 is ...
In 2024, the maximum monthly Social Security check is $4,873. ... Your earnings must equal or exceed the wage base limit. Social Security benefits equal a percentage of inflation-adjusted earnings ...
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.
[124] [125] In 2024, the Social Security Wage Base (the upper limit on earnings taxed) increased to $168,600. For each calendar year for which the worker is assessed the FICA contribution, the SSA credits those wages as that year's covered wages.
It takes a long career earning a high salary to achieve the maximum Social Security benefit. ... in 2024 is $4,873 per month, the equivalent of $58,476 per year. ... counts toward Social Security ...