Fica Limit 2024 Dollar Amounts. Employers are legally obligated to withhold 6.2% for social security taxes and 1.45% for medicare taxes from an employee’s gross wages. The social security portion of fica is a flat 6.2% of compensation up to a wage base limit.
Tax rates for each social security trust fund. Social security wage base limit for 2024:
For Both Of Them, The Current Social Security And Medicare Tax Rates Are 6.2% And 1.45%, Respectively.
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That’s Up From The Current Number Of $160,200.
For 2024, the maximum income subject to the social security portion of the fica tax is $147,000.
Fica Limit 2024 Dollar Amounts Images References :
The Maximum Amount Of Social Security Tax An Employee Will Have Withheld From.
The employer fica rate is 7.65% in 2024.
What Are The Fica Rates And Limits For 2024?
This limit changes each year with changes in the national average wage index.
