Maximum Taxable Earnings
If you are working, there is a limit on the amount of your earnings that is taxed by Social Security. This amount is known as the maximum taxable earnings and changes each year.
The maximum earnings that are taxed has changed over the years as shown in the chart below. If you earned more than the maximum in any year, whether in one job or more than one, we only use the maximum to calculate your benefits.
When you have more than one job in a year, each of your employers must withhold Social Security taxes from your wages no matter what the other employers may have withheld. You may then end up with total Social Security taxes withheld that exceed the maximum. When you file your tax return the following year, you can claim a refund from the IRS for Social Security taxes withheld that exceeded the maximum amount.
Maximum Taxable Earnings Each Year
| Year | Amount |
|---|---|
| 2015 | $118,500 |
| 2016 | $118,500 |
| 2017 | $127,200 |
| 2018 | $128,400 |
| 2019 | $132,900 |
| 2020 | $137,700 |