Social Security Employee Tax Maximum 2024 2024. For 2024, an employer must withhold: The social security administration recently announced that the wage base for computing social.
We call this annual limit the contribution and benefit base. This number is indexed for inflation, so back in 1985, the wage base was just $39,600.
This Amount Is Known As The “Maximum Taxable Earnings” And Changes Each Year.
For 2024, the fica tax rate for employers will be 7.65% — 6.2% for social security and 1.45% for medicare (the same as in 2023).
This Is Up From $9,932.40.
In 2024, this limit rises to $168,600, up from the 2023.
The Social Security Wage Base Is The Maximum Gross Earnings Subject To Social Security Tax That Can Be Imposed On An Employee.
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In 2024, The Social Security Wage Base Limit Rises To $168,600.
Social security tax limit 2024 withholding table.
There’s No Maximum Taxable Limit For Medicare Tax, So You And The Employee Would Continue To Split.
The social security wage base increase for 2024.
This Amount Is Also Commonly Referred To As The Taxable Maximum.