India, March 26 -- Millions of Americans are closely monitoring their financial situation, especially with regard to Social Security as it provides assistance to 68 million people. Social Security is an independent agency that plays crucial role in helping millions of retirees, individuals with disabilities and surviving spouses.

The Social Security tax limit has been increased this year and the maximum amount that is liable for Social Security tax in 2025 is $176,100, a surge from $168,600 in 2024. The yearly rise assists fund programs like the Cost of Living Adjustment.

Accordingly, a worker's maximum Social Security tax payment (via payroll withholding) in 2025 will be $10,918.20 (6.2% of $176,100).

Those who are self-employed would...