What Is The Maximum Social Security Tax For 2024. You file a federal tax return as an individual and your combined income is more than $34,000. We raise this amount yearly to keep pace with increases in average wages.
In 2024, this limit rises to $168,600, up from the 2023 limit of $160,200. The current tax rate for social security is 6.2% for the employer and 6.2% for the employee, or 12.4% total.
Workers Pay A 7.65% Fica Tax.
Social security tax wage base jumps 5.2% for 2024.
Thus, An Individual With Wages Equal To Or Larger Than $168,600.
Up to 85% of your social security benefits are taxable if:
As A Result, In 2024 You’ll Pay No More Than $10,453 ($168,600 X 6.2%) In Social Security Taxes.
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For Sure, This Is A Good Amount.
We raise this amount yearly to keep pace with increases in average wages.
The Current Tax Rate For Social Security Is 6.2% For The Employer And 6.2% For The Employee, Or 12.4% Total.
More social security beneficiaries could see a higher tax bill in 2024 because of a quirk in the social security.
The Social Security Taxable Maximum Is Adjusted Each Year To Keep Up With Changes In Average Wages.