Maximum Wages Subject To Social Security 2024. This is up from $9,932.40. For 2024, the fica tax rate for employers will be 7.65% — 6.2% for social security and 1.45% for medicare (the same as in 2023).
This amount is known as the “maximum taxable earnings” and changes. You file a federal tax return as an individual and your combined income is more than $34,000.
Instead Of Attaining Age 70 In 2024, Suppose You Reach.
The maximum amount of earnings subject to the social security tax (taxable maximum) will increase to $168,600.
Individuals With Multiple Income Sources Will.
For earnings in 2024, this base is $168,600.
We Raise This Amount Yearly To Keep Pace With Increases In Average Wages.
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What Are The Maximum Social Security Wages For 2024?
The maximum amount of social security tax an employee will have withheld from their paycheck in 2024 is $10,453.20 ($168,600 x 6.2%).
People Younger Than Full Retirement Age (67 For Many) Who Are Receiving Social Security.
You file a joint return, and you and your spouse have a combined.
You File A Federal Tax Return As An Individual And Your Combined Income Is More Than $34,000.