2024 Fica Wage Cap. For 2023, the fica tax rate for both employers and employees is 7.65% (6.2% for oasdi and 1.45% for medicare). We call this annual limit the contribution and benefit base.
For the 2024 tax year, the wage base limit is $168,600 (which is up from $160,200 in 2023). The social security administration also announced the 2024 wage cap.
What Are The Maximum Social Security Wages For 2024?
Once an employee’s salary reaches that limit, they are no longer required to pay this tax.
For The 2024 Tax Year, The Wage Base Limit Is $168,600 (Which Is Up From $160,200 In 2023).
The social security wage base has increased from $160,200 to $168,600 for 2024, which.
The Maximum Amount Of Earnings Subject To The Social Security Tax (Taxable Maximum) Will.
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The Maximum Amount Of Earnings Subject To The Social Security Tax (Taxable Maximum) Will.
In 2023, only the first $160,200 of your earnings are subject to the social security tax.
A Wage Base Limit Applies To Employees Who Pay Social Security Taxes.
In 2024, the first $168,600 is subject to the tax.
