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.
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.