The Social Security tax rate for 2015 is 6.20 percent. This is the same tax rate that was used in 2014. The maximum taxable income was increased from $117,000 to $118,500, which means that the total maximum Social Security tax paid in for the year can increase by up to $93 even though the tax rate itself stayed the same.
The amount of money that a person can earn each year outside of the Social Security benefits has increased as well. The income limit in 2014 for someone below the full retirement age was $15,480, while for 2015 it will increase to $15,720 annually. The limits go up for someone who is in the final year before their qualifying birthday has an even higher limit. Those in this final year can earn up to $41,880 for the year, which is a $480 increase compared to the 2014 earning limit. Once an individual reaches full retirement age there is no limit on the income that a person can make before it affects their retirement. For those people that are retiring early and go over the limit, they will lose $1 for every $2 over the limit. Anyone in the final year before full retirement age gets a bit more leeway and can earn $3 over the limit before Social Security takes $1 out of their benefits.