Asked by Zachariah Andress on Jul 26, 2024
Verified
What is the limit on the social security amount for 2017?
A) $127,200.
B) $117,000.
C) $113,700.
D) $118,500.
Social Security
A federal program in the United States that provides retirement benefits, disability income, and survivors benefits to eligible Americans.
Limit
The maximum amount, quantity, or level permitted, often used in financial contexts to describe caps on deductions, contributions, or benefits.
- Acquire knowledge of the requirements for different tax filing designations and the suitable forms to employ.
- Gain insight into the role of Adjusted Gross Income (AGI) in the calculation of taxes.
Verified Answer
GS
Gursharan SinghJul 28, 2024
Final Answer :
A
Explanation :
Starting from January 1, 2017, the Social Security tax limit is set at $127,200 for the entire year. This means that the maximum amount of earnings subject to the Social Security tax is $127,200. Any earnings above that limit are not subject to Social Security taxes.
Learning Objectives
- Acquire knowledge of the requirements for different tax filing designations and the suitable forms to employ.
- Gain insight into the role of Adjusted Gross Income (AGI) in the calculation of taxes.
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