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You must earn a minimum number of credits to even qualify for retirement benefits. ... up to the Social Security wage base. In 2025, the base is $176,100, an increase of $7,500 from last year.
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 ...
The Federal Insurance Contributions Act (FICA) (codified in the Internal Revenue Code) imposes a Social Security withholding tax equal to 6.20% of the gross wage amount, up to but not exceeding the Social Security Wage Base ($97,500 for 2007; $102,000 for 2008; and $106,800 for 2009, 2010, and 2011). The same 6.20% tax is imposed on employers.
Data source: Social Security Administration. Chart by author. Here's the maximum possible 2025 Social Security benefit at 62, 67, and 70. Earning a high salary throughout your career is just one ...
The special minimum Social Security benefit is a minimum PIA that was created in 1972 to provide benefits to certain low-income workers. Specifically, the special minimum benefit is designed for ...
The Social Security Act of 1935 is a law enacted by the 74th United States Congress ... which held that minimum wage laws were a violation of the Fifth Amendment's ...
It's not a given that you'll pay Social Security taxes on your entire salary. Each year, there's a wage cap put in place that determines how much income is taxed to fund the program. In 2025, that ...
According to December 2023 data from the Social Security Administration, the average retiree collects around $2,038 per month in benefits at age 70, while the average benefit at age 62 is just ...