RE: Are you concerned about the future of Social Security?
December 21, 2023 at 9:08 pm
(This post was last modified: December 21, 2023 at 9:08 pm by awty.)
[color=rgba(0, 0, 0, 0.95)]Social Security Withholding on Wages[/color]
[color=rgba(0, 0, 0, 0.95)]Wages are subject to other forms of withholding in addition to the federal income tax. The Social Security tax is withheld at a flat rate of 6.2% on gross wages after subtracting any pre-tax deductions that are exempt from Social Security taxation.[/color]
[color=rgba(0, 0, 0, 0.95)]Not all gross wages are subject to this tax. An annual wage base limit caps earnings that are subject to withholding for Social Security at $147,000 in 2022, increasing to $160,200 in 2023.4[/color]
Social Security Administration. "Fact Sheet Social Security."
Income over this amount isn't subject to Social Security tax or withholding.
Federal Withholding for Income Tax, Medicare, Social Security (thebalancemoney.com)
[color=rgba(0, 0, 0, 0.95)]Wages are subject to other forms of withholding in addition to the federal income tax. The Social Security tax is withheld at a flat rate of 6.2% on gross wages after subtracting any pre-tax deductions that are exempt from Social Security taxation.[/color]
[color=rgba(0, 0, 0, 0.95)]Not all gross wages are subject to this tax. An annual wage base limit caps earnings that are subject to withholding for Social Security at $147,000 in 2022, increasing to $160,200 in 2023.4[/color]
Social Security Administration. "Fact Sheet Social Security."
Income over this amount isn't subject to Social Security tax or withholding.
Federal Withholding for Income Tax, Medicare, Social Security (thebalancemoney.com)
What fresh hell can this be? - Dorothy Parker
