The Old-Age, Survivors, and Disability Insurance taxable wage base will increase to $168,600 in 2024, up from $160,200 in 2023, the Social Security Administration said in an Oct. 12 blog update.
The maximum 2024 Social Security component of the Federal Insurance Contributions Act tax payable by each employee will be $10,453.20, or 6.2% of the taxable wage base, up from $9,932.40 for 2023. Employers match the employee amount with an equal contribution.
The Medicare tax rate remains 1.45% and is applicable to all wages paid during the year. An additional Medicare tax of 0.9% applies to individuals with annual earned ...
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