Max Fica Tax 2024. 2024 taxable wage base projection: The social security wage cap will be increased from the 2023 limit of $160,200 to the new 2024 limit of $168,600.
For 2023, an employer must withhold: The maximum amount of social security tax an employee will have withheld from their paycheck in 2024 will be $10,453.20 ($168,600 x 6.2%).
The Rate Is For Both Employees And Employers, According To The Internal Revenue Code.
You can get a jump on.
The Code ยง457(B) Limit For The Year ($23,000 For 2024).
In 2023, only the first $160,200 of your earnings are subject to the social security tax.
Office Of The Chief Actuary.
Images References :
For 2024, The Fica Tax Rate For Both Employers And Employees Is 7.65% (6.2% For Oasdi And 1.45% For Medicare).
This amount is also commonly referred to as the taxable maximum.
Itโs Important To Note That.
For 2024, the maximum income subject to the social security portion of the fica tax is $147,000.
The Good News Is That The Wage Limit Still Applies.
