What Is The Fica Limit For 2024. The maximum annual earnings that are subject to social security tax in 2023 is $160,200, for a total tax of $9,932.40. The social security wage base limit is $168,600.the medicare tax rate is 1.45% each for the employee and employer, unchanged from 2023.
The wage base or earnings limit for the 6.2% social security tax rises every year. For 2024โs earnings, that limit is $168,600.
Social Security Tax Rate For 2024:
The maximum fica tax rate for 2024 is 6.2%.
The New Tax Regime Now Offers A Full Tax Rebate On Income Up To โน 7 Lakhs.
The rate is for both employees and employers, according to the internal revenue code.
What Is The Fica Limit For 2024 Images References :
Attention To Detail Is Important When Discussing Fica Rates And Limits, As They May Change Each Calendar Year.
What are the fica rates and limits for 2024?
Experts Are Of The View That To Incentivise Transition To The New Income Tax Regime, The Modi Government Should Hike The Standard Deduction.
In 2024, the social security tax limit rises to $168,600.