What Is The Fica Cap For 2024. For earnings in 2024, this base. It remains the same as 2023.
The social security wage cap will be increased from the 2023 limit of $160,200 to the new 2024 limit of $168,600. Itโs a payroll tax that both employees and employers are responsible.
The Rate Is For Both Employees And Employers, According To The Internal Revenue Code.
Itโs a payroll tax that both employees and employers are responsible.
For 2024, The Fica Tax Rate For Both Employers And Employees Is 7.65% (6.2% For Oasdi And 1.45% For Medicare).
Your company sends the money, along with its match (an additional.
What Is The Fica Cap For 2024 Images References :
In 2024, The Social Security Tax Limit Rises To $168,600.
For 2024, the social security tax limit is $168,600 (up from $160,200 in 2023).
With The $168,600 Wage Cap In Place For 2024, The Maximum That Each Party Would Be Responsible For Is $10,453.20, Adding Up To A Total Contribution Of $20,906.40 In.
The social security wage cap will be increased from the 2023 limit of $160,200 to the new 2024 limit of $168,600.