How Social Security Wages Determine Your Retirement Benefits
Social Security wages include the money you earn that is subject to the Social Security portion of payroll taxes — also known as OASDI taxes. Currently, the withholding rate is 6.2% of the earnings, up to the Social Security earnings cap, or wage base, for both the employer and the employee. This amount changes over time to keep up with inflation, so here’s a primer on Social Security wages and how they affect your retirement benefits.
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