I despise that they keep raising the income phaseout each year, yet I will never see much if any of my money back. I thought I was done paying this tax this year already but they raised to $118,500 from $117,000. I despise paying into this socialist ponzi scheme and at least like the small mental satisfaction of getting a few checks without social security tax withholding.
From: http://www.ssa.gov/planners/maxtax.html
When you have wages or self-employment income that is covered by Social Security, you pay Social Security taxes each year up to a maximum amount that is set by law. That amount has changed frequently over the years.
For 2015, the maximum amount of taxable earnings is $118,500.
The maximum earnings for each year since Social Security taxes were first collected in 1937 are shown below. If you:
1937 - 50 $3,000 1982 $32,400 1998 $68,400 2014 $117,000
1951 - 54 3,600 1983 35,700 1999 72,600 2015 118,500
1955 - 58 4,200 1984 37,800 2000 76,200
1959 - 65 4,800 1985 39,600 2001 80,400
1966 - 67 6,600 1986 42,000 2002 84,900
1968 - 71 7,800 1987 43,800 2003 87,000
1972 9,000 1988 45,000 2004 87,900
1973 10,800 1989 48,000 2005 90,000
1974 13,200 1990 51,300 2006 94,200
1975 14,100 1991 53,400 2007 97,500
1976 15,300 1992 55,500 2008 102,000
1977 16,500 1993 57,600 2009 106,800
1978 17,700 1994 60,600 2010 106,800
1979 22,900 1995 61,200 2011 106,800
1980 25,900 1996 62,700 2012 110,100
1981 29,700 1997 65,400 2013 113,700
From: http://www.ssa.gov/planners/maxtax.html
When you have wages or self-employment income that is covered by Social Security, you pay Social Security taxes each year up to a maximum amount that is set by law. That amount has changed frequently over the years.
For 2015, the maximum amount of taxable earnings is $118,500.
The maximum earnings for each year since Social Security taxes were first collected in 1937 are shown below. If you:
- earned more than the maximum in any year but had only one job, the amount we use will be just the maximum amount.
- had more than one job, the total that is recorded may be more than the maximum. However, we only use the maximum amount to calculate your benefit estimates.
Note: When you have more than one job in a year, each of your employers must withhold Social Security taxes from your wages without regard to what the other employers may have withheld. You may then end up with total Social Security taxes withheld that exceed the maximum.
Example: In 2014 you worked at company A and earned $63,000 before you switched employers. At company B, you earned $56,000.
Social Security taxes would be withheld from the $119,000 you earned in 2014, but the maximum taxable earnings for the year are only $117,000.
You claimed a refund of the Social Security taxes withheld from the last $1,300 in earnings when you filed your 2014 personal income tax return with the Internal Revenue Service.
1937 - 50 $3,000 1982 $32,400 1998 $68,400 2014 $117,000
1951 - 54 3,600 1983 35,700 1999 72,600 2015 118,500
1955 - 58 4,200 1984 37,800 2000 76,200
1959 - 65 4,800 1985 39,600 2001 80,400
1966 - 67 6,600 1986 42,000 2002 84,900
1968 - 71 7,800 1987 43,800 2003 87,000
1972 9,000 1988 45,000 2004 87,900
1973 10,800 1989 48,000 2005 90,000
1974 13,200 1990 51,300 2006 94,200
1975 14,100 1991 53,400 2007 97,500
1976 15,300 1992 55,500 2008 102,000
1977 16,500 1993 57,600 2009 106,800
1978 17,700 1994 60,600 2010 106,800
1979 22,900 1995 61,200 2011 106,800
1980 25,900 1996 62,700 2012 110,100
1981 29,700 1997 65,400 2013 113,700
