Social security limits & earning money while receiving it

Social security limits & earning money while receiving it

For 2017 the Social Security taxable wage base is $127,200.  You will pay 6.2% social security tax on wages up to that amount.  This base increased $8,700 from last year.

There is no limit on the amount of wages you will pay Medicare tax on.  That tax rate is 1.45%

If you are receiving social security, the amount of earned income you can have without losing benefits depends on your age. 

Social Security will deduct $1 from benefits for each $2 earned over the threshold.

For 2017 the limit is $16,920 for those under full retirment age all year.

In the year you reach full retirement age the limit is $44,880 but they only count the earnings before the month you reach your full retirement age.

 

Linda Reinhardt

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