2024 Ss Tax Cap. In 2024, the social security wage base limit rises to $168,600. So, if you earned more than $160,200 this last year, you won't.
You file a federal tax return as an individual and your combined income is between $25,000 and $34,000. The maximum wage subject to social security tax has gone up.
Up To 50% Of Your Social Security Benefits Are Taxable If:
We raise this amount yearly to keep pace with increases in average wages.
In 2024, This Limit Rises To $168,600, Up From The 2023 Limit Of $160,200.
Taxpayers do not pay any oasdi tax on earnings that exceed $168,600.
The Social Security Cap Increase For 2024.
Images References :
For Workers Who Earn $168,600.
Maximum social security tax for 2024.
What Is The Fica Rate For 2024?
As a result, in 2024 you’ll pay no more than $10,453 ($168,600 x 6.2%) in social security.
The Fica Rate For 2024 Remains Unchanged At 7.65% For Employers And 7.65% For Employees.