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When it comes to Social Security, though, once you hit the limit, called the wage base limit, then you are done paying the 12.4% payroll tax on the rest of your wages. The wage base limit for 2024 ...
The new wage base limit, which will be in effect in 2025, is $176,100, up from the $168,600 limit in 2024. This means more income of some workers will be subject to Social Security payroll taxes.
In 2024, the wage base limit is $168,600. This means any wages a person earns above that amount are not subject to Social Security tax. In 2025, the wage base limit will be $176,100.
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.
In 2024, the wage base limit was $168,600. In 2025, it will increase to $176,100 for the year. This means anyone who earns income above $168,600 will find themselves facing a bigger tax bill in ...
Medicare. new; News. Science & Tech. Shopping. Sports. Weather. ... To determine the annual wage base limit, the SSA uses the national average wage index (NAWI), which measures the average annual ...