Doreen Rachel >> 2024 >> Maximum Social Security Tax Withholding 2024
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Maximum Social Security Tax Withholding 2024. The rate of social security tax on taxable wages is 6.2% each for the employer and employee. We raise this amount yearly to keep pace with increases in average wages.
What’s the maximum you’ll pay per employee in social security tax next year? We call this annual limit the contribution and benefit base.
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%).
In 2024, the maximum amount of earnings on which you must pay social security tax is $168,600.
Only These Percentages Can Be Withheld.
You can have 7, 10, 12 or 22 percent of your monthly benefit withheld for taxes.
Workers Earning Less Than This Limit Pay A 6.2% Tax On Their Earnings.
Images References :
$10,397.40 Paid By Each Employee,.
This amount is also commonly referred to as the taxable maximum.
11 Rows If You Are Working, There Is A Limit On The Amount Of Your Earnings That Is Taxed By Social Security.
This is up from $9,932.40.
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.