Social Security Wage Base 2024 Limits. Higher social security and medicare taxable wage bases of $168,600 and $200,000 respectively. The social security wage base โ the amount of worker pay that is subject to.
The internal revenue service has announced an increase in the social security wage base to $168,600, up from $160,000. According to the intermediate projection issued in a may 2024 report, the social security taxable wage next year will be $174,900.
After An Employee Earns Above The Annual Wage Base, Do Not Withhold Money For Social Security Taxes.
The wage base changes each year, with an adjustment based on the national average wage index, with wage increases outpacing previous years in large part due to high inflation rates.
The Amount, An Increase From $160,200 In 2023, Is The Wage Base Limit That Applies To Earnings Subject To The 6.2% Oasdi Tax (Old Age, Survivors, And Disability Insurance).
The social security wage base will rise in 2024 to $168,600, a 5.2% increase from its 2023 wage.
Social Security Wage Base 2024 Limits Images References :
Whatโs The Maximum Youโll Pay Per Employee In Social Security Tax Next Year?
The social security wage base โ the amount of worker pay that is subject to.
Social Security Wage Limit 2024 Base.
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).