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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.
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 ...
Since 1990, the employee's share of the Social Security portion of the FICA tax has been 6.2% of gross compensation up to a limit that adjusts with inflation. [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]
Most people pay Social Security taxes on their entire paycheck during their career. ... The table below shows the maximum taxable earnings for each of the last 50 years. ... 2020. $137,700. 1996 ...
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 ...
But the differences between the maximum possible 2025 Social Security benefit at 62, 67, and 70 show the value of delaying benefits as long as possible. ... The SSA adjusts the maximum taxable ...
That's because there's a cap on the amount you have to pay Social Security taxes on each year. ... 2020. $137,700. 1996. $62,700 ... Earning above the maximum taxable earnings for at least 35 ...
2020. 1.6%. 2021. 1.3%. 2022. ... More income will be subject to Social Security taxes in 2025 ... knowing the annual wage base limit is important for people aiming to receive the maximum possible ...