Fica 2024 Wage Limit. The social security board of trustees’ 2023 annual report projected a 2024 wage base of $167,700. The amount, an increase from $160,200 in 2023, is the wage base limit that applies to earnings subject to the 6.2% oasdi tax (old age, survivors, and disability insurance).
Only the social security tax has a wage base limit. There is no income limit on medicare taxes.
For 2024, An Employer Must Withhold:
How to calculate medicare withholding 2024.
Social Security Tax (6.2% Of Wages, Up To A Maximum Taxable Income) And Medicare Tax (1.45% Of Wages, With No Income Limit).
What is the 2023 & 2024 wage.
We Call This Annual Limit The Contribution And Benefit Base.
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Therefore, His Additional Medicare Tax Bill Is $50,722.
For earnings in 2024, this base is $168,600.
How To Calculate Medicare Withholding 2024.
This amount is also commonly referred to as the taxable maximum.
In 2024, Only The First $168,600 Of Your Earnings Are Subject To The Social Security Tax.