How much does the U.S. pay for social security in New York in a month

Paying 6.2% of wages for Social Security

The vast majority of Americans now have income as long as they are paid a salary, and all taxable income combined, totaling less than the prescribed limit, must pay 6.2% in Social Security taxes. As long as they have paid it for 40 quarters (10 years) or more over their lifetime, when they reach the required age (65 for those born in 1937 and before, gradually working backward to 67 for those born in 1960 and after), they can receive the full monthly Social Security payment.

People can also choose to retire early and begin collecting Social Security when they reach age 62, in which case they can only receive 75 percent of their full retirement benefit and that percentage remains the same until they die.

Social Security payments are calculated based on the 35 years of each person's highest earnings. The annual salary for each of those 35 years is multiplied by an index related to the rising cost of living to arrive at the commuted annual salary for that year. This index, which varies from year to year, is the national average salary for the year the beneficiary turns 60, divided by the national average salary for each year.