The tax rate sets the maximum amount of income earned less than the Social Security tax payable. The total tax payable for 2021 is $ 142,800 (and up to $ 147,000 by 2022).
Each year, the provincial government sets a limit on how much one can afford and still pays the tax. In 2013, anyone making $ 113,700.00 a year or more did not pay the Social Security tax. This figure changes annually based on inflation and income growth.
Social Security COLA is tax-free at age 65 to 67, depending on the year of your birth, you are in full retirement age and can receive full Social Security retirement benefits tax-free. However, if you are still working, part of your profits may be less taxable.