Social Security Tax Wage Limit 2024. The oasdi tax rate for wages paid in 2024 is set by statute at 6.2 percent for employees and employers, each. For 2024, the social security tax limit is $168,600.
The absolute maximum social security benefit in 2024 is $4,873 monthly, more than double the estimated average of $1,907 retirees receive across the nation as of january. Again, both social security and medicare make up fica tax.
As A Result, In 2024 You’ll Pay No More Than $10,453 ($168,600 X 6.2%) In Social Security Taxes.
Starting in 2024, the maximum amount of earnings subject to social security tax will rise from $160,200 to $168,600.
Workers Earning Less Than This Limit Pay A 6.2% Tax On Their Earnings.
You file a federal tax return as an individual and your combined income is between $25,000 and $34,000.
The Maximum Earnings That Are Taxed Have Changed Through The Years As Shown In The Chart Below.
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This Is Up From $9,932.40 ($160,200 X 6.2%) In 2023.
The social security limit is $168,600 for 2024, meaning any income you make over $168,600 will not be subject to social security tax.
Individuals With Multiple Income Sources Will Want To Track Their.
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).
This Number Is Indexed For Inflation, So Back In 1985, The Wage Base Was Just $39,600.