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This is known as maximum taxable earnings, which shifts on a yearly basis in line with changes in the national average wage index. For 2022, that amount is $147,000, but the Social Security ...
Many retirees’ budgets may take a hit for the first time this tax season — a federal income tax bill on a portion of their Social Security benefits. Social Security recipients received a high ...
Otherwise, taxes in the range of 3.75% to 5.99% apply, resulting in a tax bite of between $66.91 and $106.87 monthly on the average Social Security benefit. Utah. Utah’s flat tax rate of 4.85% ...
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.
The percentage of your Social Security benefit subjected to taxes depends on how much you earn. The limit, known as the base amount, is $25,000 for single filers and $32,000 for joint filers.
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.