The social security administration (ssa) recently announced that the wage base for computing social security tax will increase for 2024 to $168,600. The social security administration (ssa) adjusts this limit each year to keep up with inflation and ensure the program remains funded.
The taxable wage base estimate has been released, providing you with key numbers. 6.2% social security tax on the first $168,600 of employee wages (maximum tax is $10,453;
Only The Social Security Tax Has A Wage Base Limit.
The wage base for 2024 will be $168,600, rising from $160,200.
The Social Security Administration (Ssa) Adjusts This Limit Each Year To Keep Up With Inflation And Ensure The Program Remains Funded.
The kiplinger tax team explained:
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Only The Social Security Tax Has A Wage Base Limit.
You'll get this notice if you have medicare part b and/or part d and social security determines that any income related monthly adjustment amounts.
To Cover The Cost Of These Changes, Starting On.
The internal revenue service has announced an increase in the social security wage base to $168,600, up from $160,000.