Social security benefits tax rates 2020
A tax torpedo occurs when there is a sharp rise and fall in marginal tax rates due to the taxation of Social Security benefits. Marginal tax rates are the extra taxes you pay on each additional The maximum amount of earnings subject to Social Security tax will rise 3.6% to $137,700 in 2020. retired worker will rise by $24 a month to $1,503 in 2020 while the average benefit for a