Fica Limit 2024 Projection. We call this annual limit the contribution and benefit base. In 2024, the social security tax limit rises to $168,600.
In 2024, this limit rises to $168,600, up from the 2023 limit of $160,200. For 2024, an employer must withhold:
This Limit Changes Each Year With Changes In The National Average Wage Index.
What is the social security tax limit?
Not To Be Confused With The Federal Income Tax, Fica Taxes Fund The Social Security And Medicare Programs.
The report’s projections used intermediate assumptions set in december 2022, it said.
Attention To Detail Is Important When Discussing Fica Rates And Limits, As They May Change Each Calendar Year.
Images References :
$10,397.40 Paid By Each Employee, And.
Fica tax rates are statutorily set and can only be changed.
For 2024, The Fica Tax Rate For Both Employers And Employees Is 7.65% (6.2% For Oasdi And 1.45% For Medicare).
The taxable wage base estimate has been released, providing you with key numbers.
That’d Be A $6,300 Increase From The Current Number Of $168,600.