For this calculation we have used the maximum tax rate bracket for 2024 of 39.6% (althought that my change if the bush tax cuts are extended). The social security administration (ssa) announced that the maximum earnings subject to social security (oasdi) tax will increase from $160,200 to $168,600 in 2024 (an increase of $8,400).
The social security limit is $168,600 for 2024, meaning any income you make over $168,600 will not be subject to social security tax. As a result, in 2024 you’ll pay no more than $10,453 ($168,600 x 6.2%) in social security taxes.
That’s Up From The Current Number Of $160,200.
The social security wage base will rise in 2024 to $168,600, a 5.2% increase from its 2023 wage base of $160,200.
Ii.d2 Oasdi Income, Cost, And Expenditures As Percentages Of Taxable Payroll.
The social security limit is $168,600 for 2024, meaning any income you make over $168,600 will not be subject to social security tax.
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As A Result, In 2024 You’ll Pay No More Than $10,453 ($168,600 X 6.2%) In Social Security Taxes.
The amount, an increase from $160,200 in 2023, is the wage base limit that applies to earnings subject to the 6.2% oasdi tax (old age, survivors, and disability.
The Wage Base Changes Each Year, With An.
Limit for maximum social security tax 2022 financial samurai, 2% social security tax.