Social Security Tax Wage Limit 2024

Social Security Tax Wage Limit 2024. The social security administration (ssa) adjusts this limit each year to keep up with inflation and ensure the program remains funded. That's nearly a 45% pay cut from the $4,873 maximum for someone with the right salary history claiming at age 70.


Social Security Tax Wage Limit 2024

As a result, in 2024 you’ll pay no more than $10,453 ($168,600 x 6.2%) in social security taxes. In 2024, the limit is $168,600 annually, however,.

For 2023, The Wage Base Was $160,200.

So, fica tax is 7.65% for the employee portion and 7.65% for the employer portion (6.2% + 1.45%).

Only The Social Security Tax Has A Wage Base Limit.

But that limit is rising in 2024, which means seniors who are working and collecting social.

As A Result, In 2024 You’ll Pay No More Than $10,453 ($168,600 X 6.2%) In Social Security Taxes.

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This Is Up From $9,932.40 ($160,200 X 6.2%) In 2023.

You must withhold $62 ($1,000 x 0.062) from their wages and pay an additional $62 for social security tax.

Each Year, Workers Pay Taxes On Income Up To A Specific Amount, Called The Wage Base Limit.

For 2023, the wage base was $160,200.

More Than 7.4 Million U.s.