The wage base or earnings limit for the 6.2% social security tax rises every year. Social security income tax limit 2024 calendar (for 2023, the tax limit was $160,200.
So, if you earned more than $160,200 this last year, you didn’t have to. The determining factor is what the irs calls “combined” or “provisional” income:
The Good News Is That Social Security Income Is Taxed Less Than Other Forms Of Retirement Income.
The social security benefits you receive can be taxable if 50% of your benefits, plus all of your other income, is greater than the specific limits for your filing.
If You Make $70,000 A Year Living In Alabama You Will Be Taxed $10,895.
If you are working, there is a limit on the amount of your earnings that is taxed by social security.
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The Determining Factor Is What The Irs Calls “Combined” Or “Provisional” Income:
Married filing jointly with more than $44,000 income.
For 2024, The Social Security Tax Limit Is $168,600.
