Fica Tax Income Limit 2024. As a result, in 2024 you’ll pay no more than $10,453 ($168,600 x 6.2%) in social security. In 2023, only the first $160,200 of your earnings are subject to the social security tax.
Thus, an individual with wages equal to or larger than $168,600. Breakdown of components affecting the 2024 fica limit.
Wealthier Taxpayers Will Have More Social Security Tax Taken From Their Paychecks This.
A wage base limit applies to employees who pay social security taxes.
Social Security Tax (6.2% Of Wages, Up To A Maximum Taxable Income) And Medicare Tax (1.45% Of Wages, With No Income Limit).
As a result, in 2024 you’ll pay no more than $10,453 ($168,600 x 6.2%) in social security.
This Means That Gross Income Above A Certain Threshold Is Exempt From This Tax.
Images References :
In 2023, Only The First $160,200 Of Your Earnings Are Subject To The Social Security Tax.
There is no wage base limit for.
The Maximum Income Amount For Social Security Tax Tends To Follow Inflation Up Every Year.
The federal government sets a limit on how much of your income is subject to the social security tax.
For 2024, The Irs Has Set The Fica Limit At $160,200.
