Social Security Payroll Tax Limit 2024. For 2023, the wage base was $160,200. Earn more and the excess is yours to keep.
Last updated 12 february 2024. That’s because, as the bill is.
As A Result, In 2024 You’ll Pay No More Than $10,453 ($168,600 X 6.2%) In Social Security Taxes.
That's an increase of 5.9% from $174.70 in 2024.
The Social Security Administration (Ssa) Announced That The Maximum Earnings Subject To Social Security (Oasdi) Tax Will Increase From $160,200 To $168,600 In 2024 (An Increase Of $8,400).
The social security administration (ssa) has announced that the maximum earnings subject to the social security payroll tax will increase by $8,400 in 2024.
The Maximum Earnings That Are Taxed Have Changed Through The Years As Shown In The Chart Below.
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The Maximum Amount Of Social Security Tax An Employee Will Have Withheld From Their Paycheck In 2024 Is $10,453.20 ($168,600 X 6.2%).
Those who are taxed on the full $168,600 threshold will pay $10,453.20 to the program in 2024, with their employer also paying that same amount, according to the social security.
What Is The Wage Base?
This amount is known as the “maximum taxable earnings” and changes each year.
Millionaires Are Set To Hit That Threshold In March And Won’t Pay Into The Program For The Rest Of The.