Social Security Tax Limit 2024 Withholding. You will pay federal income. The rate of social security tax on taxable wages is 6.2% each for the employer and employee.
So, if you earned more than $160,200 this last year, you didn’t have to. The maximum earnings subject to the social security payroll tax will increase by nearly 9%, the social security administration announced.
You Can Have 7, 10, 12 Or 22 Percent Of Your Monthly Benefit Withheld For Taxes.
For 2024, the social security tax limit is $168,600.
After An Employee Earns Above The Annual Wage Base, Do Not Withhold.
You are not required to pay any social security tax past the wage base limit, which for 2024 is $168,600, up from $160,200 in 2023.
Social Security Tax Limit 2024 Withholding Images References :
Social Security And Medicare Tax For 2024.
The social security tax limit refers to the maximum amount of earnings that are subject to social security tax.
In 2024, Only The First $168,600 Of Your Earnings Are Subject To The Social Security Tax.
The 2024 limit is $168,600, up from $160,200 in 2023.