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Unlike many other tax cap limits, this stands as an individual limit. If a couple is married, each person would have a $147,000 limit. The OASDI tax rate for wages in 2022 is 6.2% each for ...
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. [1][2 ...
2019. $132,900. 2020. $137,700. 2021. $142,800. 2022. $147,000. If you earn more than the maximum in any year, whether in one job or more than one, the SSA will only use the maximum to calculate ...
The Social Security wage base is the limit to which earnings are considered taxable for Social Security purposes. Earnings above this level are no longer subject to Social Security taxes. In 2022 ...
Social Security payments to beneficiaries, which totaled $1.23 trillion in 2022, are generally financed by payroll taxes on workers in Social Security covered employment, trust fund reserves, and income taxation of some Social Security benefits.
This is known as maximum taxable earnings, which shifts on a yearly basis in line with changes in the national average wage index. For 2022, that amount is $147,000, but the Social Security ...