Social Security 2024 Wage Cap. The social security administration also announced the 2024 wage cap. We raise this amount yearly to keep pace with increases in average wages.
In 2024, the maximum amount of earnings on which you must pay social security tax is $168,600. For 2024, the social security tax limit is $168,600 (up from $160,200 in 2023).
6.2% Social Security Tax On The First $168,600 Of Wages, Making The Maximum Tax $10,453.20 (6.20% Times $168,600), Plus.
In 2024, expect a modest cola, a higher wage cap for tax purposes, and a higher earnings threshold to earn work credits.
Thatโs What You Will Pay If You Earn $168,600 Or More.
2024 social security tax limit increase.
In 2024, The Social Security Tax Limit Rises To $168,600.
Images References :
The Social Security Wage Base โ.
The oasdi tax rate for wages paid in 2024 is set by statute at 6.2 percent for employees and employers, each.
Thus, An Individual With Wages Equal To Or Larger Than $168,600.
6.2% social security tax on the first $168,600 of wages, making the maximum tax $10,453.20 (6.20% times $168,600), plus.
Thatโs What You Will Pay If You Earn $168,600 Or More.