Search results
For the Old Age, Survivors and Disability Insurance (OASDI) tax or Social Security tax in the United States, the Social Security Wage Base (SSWB) is the maximum earned gross income or upper threshold on which a wage earner's Social Security tax may be imposed.
We call this annual limit the contribution and benefit base. This amount is also commonly referred to as the taxable maximum. For earnings in 2024, this base is $168,600. The OASDI tax rate for wages paid in 2024 is set by statute at 6.2 percent for employees and employers, each.
Feb 13, 2024 · Only the Social Security tax has a wage base limit. The wage base limit is the maximum wage that's subject to the tax for that year. For earnings in 2024, this base is $168,600.
Mar 4, 2024 · The wage base or earnings limit for the 6.2% Social Security tax rises every year. The 2024 limit is $168,600, up from $160,200 in 2023.
Nov 27, 2023 · The 2024 Social Security wage base is $168,600, up from the 2023 limit of $160,200. After an employee earns above the annual wage base, do not withhold money for Social Security taxes. And, don’t contribute anything else.
If you are working, there is a limit on the amount of your earnings that is taxed by Social Security. This amount is known as the “maximum taxable earnings” and changes each year. The maximum earnings that are taxed have changed through the years as shown in the chart below.
Feb 11, 2013 · For the years after 1981, the maximum wage amount is usually increased by Congress. If Congress does not increase the maximum amount, it is automatically increased in multiples of $300 if there is a cost-of-living increase in Social Security benefits.
Jun 3, 2024 · Social Security Tax Limit Jumps 5.2% for 2024. Wealthier taxpayers will have more Social Security tax taken from their paychecks this year due to a wage base increase.
Oct 30, 2023 · The taxable wage base is also known as the Social Security wage base. The maximum amount of income that taxpayers must pay Social Security tax on is $160,200 in 2023 and $168,600 in 2024.
Oct 13, 2022 · In 2023, retirees receiving Social Security benefits will be able to earn $56,520 in the year they reach full retirement age before their benefits are reduced by $1 for every $3 in earnings over the limit. That figure is an increase from $51,960 in 2022.
