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5 Essential Social Security Numbers to Know in 2021
Maurie Backman reports on five essential figures that are unique to 2021 that you should be aware of. First you will pay a maximum $8,853.60 in payroll tax if you work for an employer on a cap of $142,800 in wages. IOf self-employed the maximum tax paid is double, or $17,707.20. Other important benchmark figures are:
- $18,960 - the limit for workers who haven’t reached full retirement age and won’t do so this year is $18,960. Beyond that, you’ll have $1 in benefits withheld for every $2 you earn.
- $50,520 - if you’ll reach full retirement age this year, you get this higher earnings test limit
- $1,543 - the average Social Security benefit recipients will collect in 2021 after the 1.3% cost-of-living adjustment
- $3,895 - the maximum Social Security benefit
Full article here with details on above.
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