Social Security Limit 2024 Tax Rate. The social security administration (ssa) recently announced that, for 2024, the maximum amount of earnings subject to the social security tax — also known as the social security taxable wage base — will increase to $168,600 from $160,200 (a 5.2 percent increase). Refer to publication 15 (circular e), employer's tax guide for more information.
In 2024, the maximum social security tax deducted from an employee’s paycheck is $10,453.20, up from $9,932.40 in 2023. Your employer also pays 6.2% on any taxable wages.
Federal Income Tax Brackets And Rates
The contributions are matched by their employers.
Some Workers May Also Face Higher Taxes For Social Security In 2024.
Your employer also pays 6.2% on any taxable wages.
Social Security Limit 2024 Tax Rate Images References :
The Tax Rate For An Employee's Portion Of The Social Security Tax Is 6.2%.
Your employer also pays 6.2% on any taxable wages.
Fica Is A 15.3% Payroll Tax That Funds Social Security And Medicare.
A report shared by moneycontrol on thursday said sitharaman could consider increasing the tax.