Social Security Wage Base Limit 2024 Opm. 6.2% social security tax on the first $168,600 of employee wages (maximum tax is $10,453; This number is indexed for inflation, so back in 1985, the wage base was just $39,600.
The social security administration (ssa) adjusts this limit each year to keep up with inflation and ensure the program remains funded. 2.35% medicare tax (regular 1.45% medicare tax + 0.9% additional medicare tax) on all employee wages in excess of.
The Social Security Wage Base — The Amount Of Worker Pay That Is.
But that limit is rising in 2024, which means seniors who are working and collecting social.
This Is The Base That Would Have Been Effective Without The Enactment Of The 1977 Amendments To The Social Security Act.
For 2024, the social security wage base was $168,600.
Refer To What's New In Publication 15 For The Current Wage Limit For Social Security Wages.
Images References :
What Is The Medicare Tax Limit?
The maximum employee share of the social security tax contribution will increase from $9,932.40 to $10,453.20 in 2024.
6.2% Social Security Tax On The First $168,600 Of Employee Wages (Maximum Tax Is $10,453;
This amount is known as the “maximum taxable earnings” and changes each year.
Social Security's Formula Bases Benefit Amounts Primarily On Two Factors: