That formula is based on “combined income” and considers your adjusted gross. That’s up from the current number of $160,200.
So, you’re looking at a potential $7,500 increase in the taxable wage base from this year to next. You file a federal tax return as an individual and your combined income is between $25,000 and $34,000.
For 2024, An Employee Will Pay:
For 2024, the social security tax limit is $168,600 (up from $160,200 in 2023).
For 2024, An Employer Must Withhold:
The annual limit is $168,600 in 2024.
Images References :
Social Security Tax Withholding Calculator.
In 2024, the maximum amount of earnings on which you must pay social security tax is $168,600.
Generally, Each Employer For Whom You Work During The Tax Year Must Withhold Social Security Tax Up To The Annual Limit.
For 2024, the social security tax limit is $168,600 (up from $160,200 in 2023).