Cap For Social Security Tax 2024. For earnings in 2024, this base is $168,600. The current tax rate for social security is 6.2% for the employer and 6.2% for the employee, or 12.4% total.
How is social security taxed in 2024? The social security administration also announced the 2024 wage cap.
But In 2024, That Cap Is Rising To $168,600.
In time, lawmakers might change the rules with regard to social security's wage cap.
Here Are The Rules Used To Calculate How Much You Might Owe On Your Benefits.
The social security wage base โ.
For 2024, That Maximum Is Set At.
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11 Rows If You Are Working, There Is A Limit On The Amount Of Your Earnings That Is Taxed By Social Security.
The limit for 2023 and 2024 is $25,000 if you are a single filer, head of household or qualifying widow or widower with a dependent child.
The Social Security Wage Base โ.
In 2023, the limit was $160,200.
