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Working & Collecting Social Security? Some Things to Know - CNBC

2024 is just around the corner, and with it comes changes to the Social Security program, several of which are of particular interest to those who are collecting benefits before their full retirement age (FRA) and are also working. First thing to know is that the payroll tax cap – the amount of earnings on which you pay Social Security tax – is going up. The cap, which was $160,200 in 2023, is going up to $168,800 for 2024, which means that higher earners will be paying 6.2% more SS tax on about $8,400 more of their earnings. That is, unless you’re self-employed, in which case you’ll pay 12.4% tax on that additional $8,400 (because self-employed people pay both the employee and employer portion of the total Social Security tax). This CNBC article by Lori Konish explains all about the higher payroll tax cap, as well as about several other Social Security changes American workers will experience next year. Click here to read more.

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