2024 Fica Rates And Limits
2024 Fica Rates And Limits. For 2023, the wage base was $160,200. We call this annual limit the contribution and benefit base.
The social security wage base has increased from $160,200 to $168,600 for 2024, which increases. Office of the chief actuary.
Social Security Taxes Are Capped Each Year According To Income.
In 2023, only the first $160,200 of your earnings are subject to the social security tax.
For 2024, Fica’s Not Pulling Any Surprises, With Social Security Staying Put At 6.2% And Medicare Holding.
In 2024, the social security wage base limit rises to $168,600.
For Both Of Them, The Current Social Security And Medicare Tax Rates Are 6.2% And 1.45%, Respectively.
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The Social Security Wage Cap Will Be Increased From The 2023 Limit Of $160,200 To The New 2024 Limit Of $168,600.
In 2023, only the first $160,200 of your earnings are subject to the social security tax.
Social Security &Amp; Medicare Tax Rates.
The fica rate for 2024 remains unchanged at 7.65% for employers and 7.65% for employees.