Social Security Flashcards
1
Q
What does Social Security wage base mean?
A
The Social Security wage base refers to the amount of earned income subject to Social Security Tax.
2
Q
What is the Social Security wage base for 2022?
A
$147,000 (vs 142,800 for 2021)
3
Q
What is the Social Security Tax rate?
A
The tax rate for Social Security stays at 12.4%
4
Q
What is full retirement age?
A
Full retirement age is defined as age 66 if you were born from 1943-1954
