The maximum earnings subject to the social security payroll tax will increase by nearly 9%, the social security administration announced. The taxable wage base estimate has been released, providing you with key.
The rate of social security tax on taxable wages, including qualified sick leave wages and qualified family leave wages paid in 2023 for leave taken after march. Any amount earned above that is not subject to the social security wage tax.
Starting In 2024, The Maximum Amount Of Earnings Subject To Social Security Tax Will Rise From $160,200 To $168,600.
Tax year 2024 (as of december18,.
The 2024 Limit Is $168,600, Up From $160,200 In 2023.
That’s lower than the 3.2% raise.
Images References :
Tax Year 2024 (As Of December18,.
The social security wage base will rise in 2024 to $168,600, a 5.2% increase from its 2023 wage base of $160,200.
The Taxable Wage Base Estimate Has Been Released, Providing You With Key.
A recent forecast from the nonpartisan senior citizens league estimates that 2025’s social security cola will be 2.57%.