For instance, the Social Security wage base for 2022 is $147,000. So, if your income exceeds that amount this year, you don't pay the Social Security payroll tax on anything above $147,000.

(Tax on wage base: $176,100 x 6.2% = $10,918.20). So, an employee whose salary exceeds the Social Security tax limit by $10,000 would save $620 in Social Security taxes this year. On the other ...

Social Security checks may rise by just $50 next year, with a projected 2.4% increase—the smallest since 2020. Experts warn ...

At or above the wage base limit, the employee and the employer each ... COLA, which is based on the consumer price index, rose 8.7% a year ago. In 2024, retirees receiving Social Security benefits ...

Read: Eliminating tax on Social Security benefits is a supremely unhelpful idea Some increase in the wage base is almost inevitable ... points’ are adjusted each year for changes in the national ...

The amount, an increase from $168,600 in 2024, is the wage base limit that applies to earnings ... In 2025, retirees receiving Social Security benefits will be able to earn $62,160 in the year they ...

The wage base limit is the maximum wage that’s subject to the tax for that year, according to the Internal Revenue Service (IRS). The Social Security Administration (SSA) explains on its website ...