Social Security Taxable Wage Base 2024. According to the intermediate projection issued in a may 2024 report, the social security taxable wage next year will be $174,900. Only withhold and contribute social security taxes until an employee earns above the wage base.
The social security administration (ssa) recently announced that, for 2024, the maximum amount of earnings subject to the social security tax — also known as the social security taxable wage base — will increase to $168,600 from $160,200 (a 5.2 percent increase). Taxable wage base when you can stop.
Only The Social Security Tax Has A Wage Base Limit.
Irs reminds taxpayers their social security benefits may be taxable | internal revenue service.
The Social Security Wage Base Limit Is $160,200.The Medicare Tax Rate Is 1.45% Each For The Employee And Employer, Unchanged From 2022.
So, those are the two basic options:
Attention Taxpayers…Starting January 1, 2024, The Social Security Wage Base Will Jump To $168,600 For Payroll Taxes.
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For Earnings In 2024, This Base.
Raise taxes or cut benefits.
Individual Taxable Earnings Of Up To $168,600 Annually Will Be Subject To Social Security Tax In 2024, The Social Security Administration (Ssa).
In 2024, the social security wage base limit rises to $168,600.
So, For 2024 Employers Must Withhold The Following Amounts:
