Fica Rate 2024 Limit. For earnings in 2024, this base is $168,600. For both of them, the current social security and medicare tax rates are 6.2% and 1.45%, respectively.
In 2023, only the first $160,200 of your earnings are subject to the social security tax. For 2024, the social security tax limit is $168,600 (up from.
6.2% On Earnings Up To The Taxable Maximum :
The rate of social security tax on taxable wages is 6.2% each for the employer and employee.
[4] For Both Years, There Is An Additional 0.9%.
Social security tax must be withheld at 6.2% until employees’ wages reach this limit.
Overall, The Fica Tax Rate Is 7.65%:
Images References :
It’s Noteworthy That The Wage.
The new fica threshold for.
Social Security Tax Must Be Withheld At 6.2% Until Employees’ Wages Reach This Limit.
The federal government sets a limit on how much of your income is subject to the social security tax.