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Will More of Your Paycheck Go to Social Security Taxes Next Year?

By Yahoo! Finance   |   Oct 19, 2024 at 06:46 AM EST
Will More of Your Paycheck Go to Social Security Taxes Next Year?

Earnings are subject to Social Security payroll taxes, with a 6.2% rate for both employers and employees. In 2025, the wage base limit will increase, leading to higher taxes for some but also larger future Social Security benefits. Adjust your budget to account for these changes.

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