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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). The maximum Social Security employer contribution will increase by $520.80 in 2024.
For 2024, the Social Security tax limit is $168,600. Workers earning less than this limit pay a 6.2% tax on their earnings. Individuals with multiple income sources will want to track their...
The wage base limit is the maximum wage that's subject to the tax for that year. 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.
For 2024, the Social Security tax limit is $168,600. (Last year, the tax limit was $160,200. So, if you earned more than $160,200 this last year, you didn't have to pay the Social Security...
Social Security Tax Limit (Wage Base) for 2024. The wage base or earnings limit for the 6.2% Social Security tax rises every year. The 2024 limit is $168,600, up from $160,200 in 2023.
There is no wage base limit for Medicare tax.Social security and Medicare taxes apply to the wages of household workers you pay $2,700 or more in cash wages in 2024. For more information, see Cash wages, later.
The average monthly Social Security payout for 2024 is $1,907 while the maximum monthly benefit for a worker retiring at full retirement age increased by $284, which is $3,911 in 2024, up from $3,627 in 2023.