Fica Wage Cap 2024. For 2023, the wage base was $160,200. For the 2024 tax year, the wage base limit is $168,600 (which is up from $160,200 in 2023 ).
Once an employee’s salary reaches that limit, they are no longer required to pay this tax. The social security wage base has increased from $160,200 to $168,600 for 2024, which increases the.
In 2024, The Social Security Wage Base Limit Rises To $168,600.
New 2024 social security, fica and medicare tax update.
Max Fica Wages Max Tax Medicare (Hospital Insurance) Tax Max Medicare Tax;
In 2023, only the first $160,200 of your earnings are subject to the social security tax.
Estimated Wage Base $ 2023 (Actual) 160,200.
Images References :
In 2024, The First $168,600 Is Subject To The Tax.
[4] for both years, there is an additional 0.9%.
This Amount Is Also Commonly Referred To As The Taxable Maximum.
Once an employee’s salary reaches that limit, they are no longer required to pay this tax.
In 2024, The Social Security Wage Base Limit Rises To $168,600.