How Much Will I Get From Social Security If I Make $30,000?

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Social Security provides the bulk of retirement income for most people and, in particular, if your earnings are at or below the median income for Americans overall, you're more likely to rely more heavily on Social Security after you retire. After all, when it's tough to make ends meet on a modest salary, finding ways to save for retirement becomes a lot more challenging. That's one reason why the Social Security program is structured to replace a higher percentage of income for those with more modest incomes. Below, we'll take a closer look at how much those making $30,000 a year can expect to get from Social Security in benefits in exchange for the taxes they pay into the system, and why the program is often a better deal for lower-income earners than for their higher-earning counterparts.

What Social Security taxes cost lower-income earners

Workers who earn $30,000 per year pay payroll taxes on all of their income, because the wage base limit on Social Security taxes is almost four times that amount. Therefore, you'll pay 6.2% of your salary, or $1,860. Your employer will pay the same amount to the federal government, because the law imposes an equal tax on employers as well.

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