Social Security Wage Cap & Benefit Amounts Increase for 2022

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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