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Find: Social Security Benefits 2022 — How Medicare Will Significantly Impact Those Earning Less. ... Social Security: What Are Maximum Taxable Earnings, and What Are They For 2022? Show comments.
The Social Security tax is one component of the Federal Insurance Contributions Act tax (FICA) and Self-employment tax, the other component being the Medicare tax. 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 .
The OASDI tax rate for wages in 2022 is 6.2% each for employers and employees. That means an employee earning $147,000 or more would pay a maximum of $9,114 into OASDI.
But the 6.2% in Social Security taxes is limited by the so-called wage base, which rises every year in response to inflation. For 2022, only wages up to $147,000 are taxed for Social Security ...
Earnings above that are tax-free for Social Security purposes. ... For 2022, the maximum possible Social Security payout for a recipient filing at full retirement age is $3,345, up from $3,148 in ...
The maximum taxable income is the amount of wages on which you pay Social Security taxes, which are deducted from your earnings. In 2023, the maximum taxable income is $168,600 a year, up from ...
That effectively sets the bar for the salary you need to receive the maximum Social Security benefit in retirement. The SSA updates the maximum taxable earnings limit each year to adjust it for ...
Maximum taxable earnings increased from $142,800 in 2021 to $147,000 in 2022. See: Social Security — When Your Provisional Income Can Lead to 100% Tax-Free Benefits