Millions are likely to see the tax increase as the maximum taxable earnings limit will to change in mid-October for the year 2025.
Many Americans might be unaware, but 2025 could bring a major uptick in Social Security taxes.Millions are likely to see the tax increase as the maximum taxable earnings limit is set to change in mid-October for the year 2025. Social Security updates the limit based on the average wage index, and the Social Security Board of Trustees has predicted that the taxable maximum will move to $174,900 next year, up from 168,600 this year.That could bring employees' Social Security taxes up by $391.
'If anything, the amount is more than likely still too low to keep up with the eventual gaps in funding the program will run into over the coming decades.'With that in mind, Beene said there likely will be more proposals to increase or even outright eliminate the Social Security taxable maximum amount.'Increasing the taxable maximum would undoubtedly lead to a better-funded program that could last longer in solvency than the current projections indicate,' Beene said.
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