Fica Max Withholding 2024. Your employer is required to withhold money to cover both the social security and medicare. So, you’re looking at a potential $7,500 increase in the taxable wage base from this year to next.
In 2024, the first $168,600 is subject to the. For 2024, an employee will pay:
6.2% Social Security Tax, Withheld From The First $160,200 An Employee Makes In 2023.
This amount is also commonly referred to as the taxable maximum.
6.2% Social Security Tax On The First $168,600 Of Wages (6.2% X $168,600 Makes The Maximum Tax $10,453.20), Plus.
For 2023, an employer must withhold:
For 2023, The Wage Base Was $160,200.
Images References :
The Maximum Amount Of Social Security Tax An Employee Will Have Withheld From.
For 2023, the fica tax rate for both employers and employees is 7.65% (6.2% for oasdi and 1.45% for medicare).
So, You’re Looking At A Potential $7,500 Increase In The Taxable Wage Base From This Year To Next.
Social security taxes are the 6.2% taken out of your paycheck each month (up to $168,600, the 2024 taxable maximum) while fica refers to the combination of.
