social security

Several Social Security Cards on a US United States one hundred dollar bill $100 system of benefits for retired elderly people

Smaller Social Security Cost-of-Living Adjustment in 2025

Bailey Scarano Blog, Tax & Money Tips / By

The Social Security Administration (SSA) recently announced a 2.5% cost-of-living adjustment (COLA) for 2025, which will take effect starting in January. For seniors and other beneficiaries, this adjustment means a modest increase in monthly benefits, designed to help offset inflation’s impact on everyday expenses. Understanding the 2.5% COLA Increase for 2025 The 2.5% COLA for […]

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Social Security Wage Cap & Benefit Amounts Increase for 2022

Bailey Scarano Blog, Tax & Money Tips / By

To account for cost of living adjustments and inflation, the Social Security wage cap will be $147,000, and Social Security and Supplemental Security Income (SSI) benefits will increase by 5.9 percent. Wage Tax for Social Security Tax The Federal Insurance Contributions Act (FICA) tax on wages is 7.65 percent each for the employee and the employer.

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