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Social Security

Taxes

Employer / Employee    
  Tax Rate Wage Base
FICA 6.2% $118,500
Medicare 1.45% + 0.9% No Limit. 0.9% surtax
Singles over $200,000
Couples over $250,000
Self-Employed    
  Tax Rate Wage Base
FICA 12.4% $118,500
Medicare 2.9% + 0.9% No Limit. 0.9% surtax
Singles over $200,000
Couples over $250,000

Benefits

Maximum Annual Earned Income Limit  
Ages 62-65 $15,720
Age 66 to Full Benefit Age* $41,880
Age Full Benefit Age* on Up No Limit
Part of Social Security received is taxable if AGI, plus tax-exempt interest, plus one-half of Social Security received exceeds these base amounts.
 
  50%
Taxable
85%
Taxable
Married Filing Jointly $32,000-$43,999 $44,000 +
Single/Head of Household $25,000-$33,999 $34,000 +
Married Filing Separately $0 $0
 
Medicare Premiums increase as MAGI goes over $85,000 for single filers and $170,000 for joint filers.