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TAX LAWS

Social Security Tax Limit for 2022.

Normally, while thinking about U.S. charges, the higher your salary, the more taxes you'll be supposed to pay.

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That is on the grounds that the duty rate, called your income rises, increases as your pay rises.

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Every dollar earned inside a specific section is charged at the relative rate.

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But, one notable exemption for this standard connects with finance charges used to support Social Security's Old Age, Survivors and Disability Insurance program.

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Unlike many other tax cap limits, this stands as a singular cutoff. On the off chance that a couple is married, every person would would have a $147,000 limit.

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The OASDI tax rate for compensation in 2022 is 6.2% each for employers and employees. That means an employee earning $147,000 or more would pay a limit of $9,114 into OASDI. 

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Self employed people are responsible for covering both the employer and employee portion of OASDI commitments.

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Self employed entity with pay, after deductible costs, adding up to $147,000 or more would pay twofold that sum, or $18,228.

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