The Social Security Administration (SSA) just announced two key 2025 adjustments: the Social Security COLA (cost of living adjustment) and the new Social Security tax limit.
While you’ve likely heard a lot about the COLA, did you know there's a cap on the amount of income subject to Social Security payroll tax? This ceiling, known as the Social Security tax limit or "wage cap," sets the maximum earnings that can be taxed to fund the Social Security program.
