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 arewethereyet.)
[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)
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