"Understanding the Impact of Social Security Changes in 2024"
TL;DR Summary
The Social Security Administration has announced new numbers for 2024 that workers should keep in mind. The maximum taxable earnings for Social Security will rise to $168,600 in 2024, and workers pay a 7.65% tax for Medicare and Social Security. Social Security beneficiaries who work may face an earnings test, with the threshold increasing to $22,320 in 2024. Additionally, up to 85% of Social Security benefit income may be subject to federal taxes based on combined income. The tax thresholds for benefit income have not been updated, potentially leading to more beneficiaries being liable for federal income taxes.
Topics:business#cost-of-living-adjustment#earnings-test#personal-finance#retirement-benefits#social-security#taxation
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