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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 · The current tax rate for Social Security is 6.2% for the employer and 6.2% for the employee, or 12.4% total. The current rate for Medicare is 1.45% for the employer and 1.45% for the employee, or 2.9% total. Refer to Publication 15 (Circular E), Employer's Tax Guide for more information.
In 2024, the maximum amount of earnings on which you must pay Social Security tax is $168,600. We raise this amount yearly to keep pace with increases in average wages. There is no maximum earnings amount for Medicare tax. You must pay Medicare tax on all your earnings. See Retirement Benefits: Maximum Taxable Earnings for more information.
Between $32,000 and $44,000, you may have to pay income tax on up to 50% of your benefits. More than $44,000, up to 85% of your benefits may be taxable. Are married and file a separate tax return, you probably will pay taxes on your benefits. * Your adjusted gross income. + Nontaxable interest. + ½ of your Social Security benefits.
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In 2024, the maximum amount of earnings on which you must pay Social Security tax is $168,600. We raise this amount yearly to keep pace with increases in average wages. There is no maximum earnings amount for Medicare tax. You must pay Medicare tax on all your earnings. See Retirement Benefits: Maximum Taxable Earnings for more information.
6 days ago · The maximum amount of Social Security tax an employee will have withheld from their paycheck in 2024 is $10,453.20 ($168,600 x 6.2%). This is up from $9,932.40 ($160,200 x 6.2%) in 2023.
Jan 18, 2023 · 1. Income matters — age doesn’t. Contrary to another common misperception, you don’t stop paying taxes on your Social Security when you reach a certain age. Income, and income alone, dictates whether you owe federal taxes on your benefits.
