2024 Social Security Limit Wages. The maximum amount of earnings subject to the social security tax (taxable maximum) will increase to. The wage base or earnings limit for the 6.2% social security tax rises every year.
The 2024 limit is $168,600, up from $160,200 in 2023. This amount is also commonly referred to as the taxable maximum.
The social security administration (ssa) announced that the maximum earnings subject to social security (oasdi) tax will increase from $160,200 to $168,600 in 2024 (an increase of $8,400).
For 2024, the fica tax rate for employers will be 7.65% โ 6.2% for social security and 1.45% for medicare (the same as in 2023).
Exempt amounts for 2024 we determine the exempt amounts using procedures defined in the social security act.
In 2024, the maximum amount of earnings on which you must pay social security tax is $168,600.
2024 Social Security Limit Wages. The maximum amount of earnings subject to the social security tax (taxable maximum) will increase to. The wage base or earnings limit for the 6.2% social security tax rises every year. The 2024 limit is $168,600, up from $160,200 in 2023. This amount is also commonly referred to as the…
