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For 2020, the maximum Social Security tax paid by an employee — not including Medicare taxes — is $8,537.40. Medicare taxes are an additional 1.45% for both employers and employees, taking the ...
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.
[a] [9] The taxation limit in 2020 was $137,700 of gross compensation, resulting in a maximum Social Security tax for 2020 of $8,537.40. [7] This limit, known as the Social Security Wage Base, goes up each year based on average national wages and, in general, at a faster rate than the Consumer Price Index (CPI-U).
Maximum Taxable Earnings Limit. 2020. $137,700. 2021. $142,800. 2022. $147,000. 2023. $160,200. ... the maximum amount most workers will pay in Social Security taxes next year will increase to ...
2020. $137,700. 2021. $142,800 ... Here's the maximum Social Security benefit for retired workers in 2024 ... The biggest payout changes each year because the maximum taxable earnings limit is ...
Historical Social Security Tax Rates Maximum Salary FICA or SECA taxes paid on ... 2020: 137,700: 12.4%: 2.9% 1977: ... There is no maximum limit on this portion of ...
The wage base limit in 2024 is $168,600, so any income above that is not subject to Social Security taxes. ... 2020. $137,700. 2019. $132,900. ... Not paying Social Security taxes means not ...
People hoping to receive the maximum Social Security benefit need to pay close ... 2020. $137,700. 2019. ... you don't pay Social Security payroll taxes on any income above the wage base limit ...