If the maximum taxable amount isn't reached from your employee salary or wages alone, then your income from self-employment is added in. FAQs What is the maximum Social Security retirement benefit in 2022? The maximum Social Security benefit depends on your age in 2022. If you are full ...
In 2024, employees are required to pay a 6.2% Social Security tax (with their employer matching that payment) on income up to $168,600, up from $160,200 in 2023, up from $147,000 in 2022, and up from $142,800 in 2021. The maximum income amount for Social Security tax tends to ...
Inflationary pressures are likely the main reasons for such a high contribution limit increase. For example, the Social Security Administration raised itscost-of-living-adjustment in 2022by an impressive 5.9% to account for inflation. In 2023, the COLA adjustment then went up by8.7%! If you are...