Social Security considers a significant modification to decrease the number of incorrect payments made to beneficiaries this Social Security 2024 by swapping payroll data from employers with the government.

Social Security 2024 New Platform: The Payroll Information Exchange PIE helps identify unreported salaries, resulting in correct payouts

The SSA is currently experiencing issues with imprecise earnings data this Social Security 2024, resulting in overpayments, which results in a financial burden for beneficiaries who are required to reimburse the agency.

To solve the problems this Social Security 2024, SSA seeks to establish secure information exchanges with businesses that handle payroll data. The planned reform called Payroll Information Exchange (PIE), will help detect salaries that may go unreported and eliminate manual reporting errors.

By allowing Social Security to access your job and wage information through PIE this Social Security 2024 while working for employers whose payroll data is available through the exchange, you reduce errors in manual reporting and lessen the reporting burden. The proposed amendments are open for public feedback until April 15th.

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Social Security 2024 Other changes

1. More income will be taxed – The increase in maximum wages due to the Social Security 2024 payroll tax from $160,200 in 2023 to $168,600 will mostly affect individuals earning high salaries. 6.2% of the 7.65% FICA tax that employees pay from their paychecks goes into Social Security.
2. The maximum Social Security 2024 benefit will increase- the highest Social Security 2024 payment for a worker who retires at full retirement age will increase from $3,627 in 2023 to $3,822. Those who apply early for benefits will receive a lower monthly payout.
3. Higher spousal and disability benefits this Social Security 2024- The Social Security Administration has average Social Security 2024 payments for widowed women with two children will increase from $3,540 in 2023 to $3,653.

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