Social Security Fica Limit 2024. So, you’re looking at a potential $7,500 increase in the taxable wage base from this year to next. Once an employee’s salary reaches that limit, they are no longer required to pay this.
More than 71 million americans will see a 3.2% increase in their social security benefits and supplemental security income (ssi). For 2024, the maximum income subject to the social security portion of the fica tax is $147,000.
The Social Security Wage Cap Will Be Increased From The 2023 Limit Of $160,200 To The New 2024 Limit Of $168,600.
That’s up from the current number of $160,200.
We Call This Annual Limit The Contribution And Benefit Base.
As a result, in 2024 you’ll pay no more than $10,453 ($168,600 x 6.2%) in social security.
Why Millionaires May Have Already Hit Their Social Security Payroll Tax Limit For 2024.
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The Social Security Wage Base Is The Maximum Gross Earnings Subject To Social Security Tax That Can Be Imposed On An Employee.
Individual taxable earnings of up to $168,600 annually will be subject to social security tax in 2024, the social security administration (ssa) announced.
In 2023, Only The First $160,200 Of Your Earnings Are Subject To The Social Security Tax.
Social security & medicare tax rates.
This Limit Changes Each Year With Changes In The National Average Wage Index.
