Social Security Tax Wage Limit 2024. This limit changes each year with changes in the national average wage index. Starting in 2024, the maximum amount of earnings subject to social security tax will rise from $160,200 to $168,600.
For 2024, an employee will pay: This amount is also commonly referred to.
In Addition, Employees Must Pay Medicare Tax On All Wages.
The 2024 social security wage base is $168,600, up from the 2023 limit of $160,200.
The Vast Majority Of Social Security Benefits Are Paid For By Taxes On.
The social security wage cap will be increased from the 2023 limit of $160,200 to the new 2024 limit of $168,600.
Social Security Tax Wage Limit 2024 Images References :
We Call This Annual Limit The Contribution And Benefit Base.
Over the past five years or so, the social security tax limit has increased by an average of about $3,960 a year.
The Initial Benefit Amounts Shown In The Table Below Assume Retirement In January Of The Stated Year, With.
You arenโt required to pay the social security tax on any income beyond the social security wage base limit.