Fica Max For 2024. For 2024, the maximum income subject to the social security portion of the fica tax is $147,000. For 2023, an employer must withhold:
That amount is adjusted each year and is based on specific income levels. The social security wage cap will be increased from the 2023 limit of $160,200 to the new 2024 limit of $168,600.
For 2023, The Wage Base Was $160,200.
It remains the same as 2023.
For 2024, An Employer Must Withhold:
So, if you earned more than $160,200 this last year, you won’t.
That Amount Is Adjusted Each Year And Is Based On Specific Income Levels.
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For Both Of Them, The Current Social Security And Medicare Tax Rates Are 6.2% And 1.45%, Respectively.
So an employee who files taxes as a single (unmarried) individual, and whose taxable income is.
It Remains The Same As 2023.
The maximum fica tax rate for 2024 is 6.2%.
In Other Words, If You Make $168,600, Your Maximum Fica Tax Will Be.