(for 2023, the tax limit was $160,200. In 2024, the social security tax limit rises to $168,600.
In 2024, this limit rises to $168,600, up from the 2023. There’s a maximum amount of compensation subject to the social security tax, but no maximum for medicare tax.
This Amount Is Also Commonly Referred To As The Taxable Maximum.
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%).
The Maximum Amount Of Earnings Subject To The Social Security Tax (Taxable Maximum) Will Increase To.
You aren’t required to pay the social security tax on any income beyond the social security wage base limit.
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How Does The Average Social Security Benefit Compare To The Maximum In 2024?
The average monthly social security benefit is far.
You Aren’t Required To Pay The Social Security Tax On Any Income Beyond The Social Security Wage Base Limit.
If you withhold more than $10,453.20 in 2024, you surpassed the wage base.