20 Jan 2023 5:58 pm
jerrab » 20 Jan 2023, 6:49 pm » wrote: ↑ anything over 160,000 is not taxed for social security.
-------------------------------------------------------------------------------------------You may not need to pay Social Security tax on all of your earnings if you have a high salary. Workers pay into the Social Security system until their income reaches the Social Security tax limit for that year. In 2023, the Social Security taxable maximum is $160,200. Earnings above this amount are not subject to Social Security tax or factored into Social Security payments in retirement.What Is the Social Security Tax Limit?The Social Security tax limit is the maximum amount of earnings subject to Social Security tax. The Social Security taxable maximum is $160,200 in 2023. Workers pay a 6.2% Social Security tax on their earnings until they reach $160,200 in earnings for the year.
Funny, I've paid 15% my entire life, strange you don't know that side of the equation.....not to mention matching my employee's contributions.