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These four components are used to calculate your monthly Social Security check ... Social Security benefits can be taxable at ... brought home an average check of $1,298.26 in December 2023.
For the 2023 tax year, your employer has to stop taking out Social Security taxes when your income surpasses $160,200. You're still obligated to pay the taxes on all income less than that amount.
Lastly, about 3.01 million retired workers who were 70 years old in December 2023 collected an average Social Security check totaling $2,037.54. In short, retired workers at age 70 received 57% ...
The average monthly Social Security benefit for September 2023 was $1,706. [4] The total cost of the Social Security program for 2022 was $1.244 trillion or about 5.2 percent of U.S. gross domestic product (GDP). [5]
You can run your numbers in order to figure out if your Social Security benefits might be taxable this year on the IRS’s calculator. Looking ahead, Social Security benefits rose 3.2% for 2024.
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.