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Aug 13, 2019 · Workers with employers pay half their Social Security tax, and employers pay the other half. This means workers pay 6.2% and employers pay 6.2%. Because of the wage base limit, there is a maximum ...
- Christy Bieber
Other important 2013 Social Security information is as follows: 7.65%*. 7.65%. NOTE: The 7.65% tax rate is the combined rate for Social Security and Medicare. The Social Security portion (OASDI) is 6.20% on earnings up to the applicable taxable maximum amount (see below). The Medicare portion (HI) is 1.45% on all earnings.
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The Social Security portion (OASDI) is 6.20% on earnings up to the applicable taxable maximum amount (see below). The Medicare portion (HI) is 1.45% on all earnings. Also, as of January 2013, individuals with earned income of more than $200,000 ($250,000 for married couples filing jointly) pay an additional 0.9 percent in Medicare taxes.
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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. [1 ...
2023. $160,200. 2024. $168,600. If you are working, there is a limit on the amount of your earnings that is taxed by Social Security. This amount is known as the maximum taxable earnings and changes each year.
We call this annual limit the contribution and benefit base. This amount is also commonly referred to as the taxable maximum. For earnings in 2024, this base is $168,600. The OASDI tax rate for wages paid in 2024 is set by statute at 6.2 percent for employees and employers, each. Thus, an individual with wages equal to or larger than $168,600 ...
Sep 27, 2019 · Summary. Social Security taxes are levied on covered earnings up to a maximum level set each year. In 2019, this maximum—formally called the contribution and benefit base, and commonly referred to as the taxable earnings base or the taxable maximum—is $132,900. The taxable earnings base serves as both a cap on contributions and on benefits.
