What was the Social Security increase for 2013?

Since 1975, Social Security general benefit increases have been cost-of-living adjustments or COLAs. The 1975-82 COLAs were effective with Social Security benefits payable for June in each of those years; thereafter COLAs have been effective with benefits payable for December….Social Security Cost-Of-Living Adjustments.

Why did my Social Security tax go up?

Why the substantial increase? The increase in the wage base reflects any real wage growth. The maximum Social Security tax per worker will be $17,707.20—or a maximum $8,853.60 withheld from a highly paid employee’s 2021 paycheck.

Did they raise Social Security tax?

Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 1.3 percent in 2021. Read more about the Social Security Cost-of-Living adjustment for 2021. The maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $142,800.

What was the Social Security cost of living increase for 2013?

2013 Social Security Changes Cost-of-Living Adjustment (COLA): Based on the increase in the Consumer Price Index (CPI-W) from the third quarter of 2011 through the third quarter of 2012, Social Security and Supplemental Security Income (SSI) beneficiaries will receive a 1.7 percent COLA for 2013.

How is the increase in Social Security tax calculated?

Workers and their employers each pay a 6.2% Social Security tax; the self-employed pay both sides of the tax. (The benefits boost is based on the Consumer Price Index, and a different index measuring wage growth determines annual increases in the wage base.)

What are the new income tax rates for 2013?

These reductions in tax revenue due to lower tax rates will be made up by transfers from the general fund of the Treasury to the OASI and DI trust funds. Beginning in 2013, an additional HI tax of 0.9 percent is assessed on earned income exceeding $200,000 for individuals and $250,000 for married couples filing jointly.

What was the tax rate for Social Security in 2010?

The combined Social Security tax rate for employers and employees was only 10.4% during these years. Self-employed persons paid this 10.4% combined rate on their earnings. This special payroll tax holiday was enacted as part of the Tax Relief Act of 2010, then it was extended through February 2012 by HR 3765.