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For earnings in 2024, this base is $168,600. Refer to "What's New" in Publication 15 for the current wage limit for Social Security wages. There's no wage base limit for Medicare tax.
Social security and Medicare tax for 2024. The social security tax rate is 6.2% each for the employee and em-ployer. The social security wage base limit is $168,600. The Medicare tax rate is 1.45% each for the employee and employer, unchanged from 2023. There is no wage base limit for Medicare tax. Social security and Medicare taxes apply to ...
Social Security Program (Old Age, Survivors and Disability Insurance – OASDI) 2024 Maximum Taxable Earnings1: OASDI–$168,600; Hospital Insurance (HI, also called Medicare Part A)–No limit.
2024 Federal Wage Base-Limits. The following are employee federal wage limits and tax rates. Form W-4. If you are claiming to be exempt from withholding, complete and provide a new Form W-4 to your employer by February 15, 2024.
There is no wage limit for Medicare tax, which is currently 1.45% (same as 2023) and applied to all covered wages paid. Both employees and employers have to pay this rate—the self-employed owe all 2.9% (same as 2023).
For 2024, the FICA tax rate for both employers and employees is 7.65% (6.2% for OASDI and 1.45% for Medicare). For 2024, an employer must withhold: 6.2% Social Security tax on the first $168,600 of employee wages (maximum tax is $10,453.20; i.e., 6.20% × $168,600), plus;
We call this annual limit the contribution and benefit base. This amount is also commonly referred to as the taxable maximum. For earnings in 2025, this base is $176,100. The OASDI tax rate for wages paid in 2025 is set by statute at 6.2 percent for employees and employers, each.
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $168,600 for 2024 (up from. ... but no maximum for Medicare tax. For 2024, the FICA tax rate for employers will be 7.65% — 6.2% for Social Security and 1.45% for Medicare (the same as in 2023).
The Medicare tax rate for 2023 remains at 1.45% of all covered earnings for employers and employees. The Additional Medicare Tax of 0.9% applies to earned income of more than $200,000 for single filers (additional thresholds apply to other filing status types).
Social Security and Medicare tax rates remain unchanged for 2024. The Old-Age, Survivors, and Disability Insurance taxable wage base will increase to $168,600 in 2024, up from $160,200 in 2023, the Social Security Administration said in an Oct. 12 blog update.