Fica Tax Limit 2024. For 2024, the social security tax limit is $168,600 (up from $160,200 in 2023). Tax rates are set by law (see sections 1401, 3101, and 3111 of the internal revenue code) and apply to earnings up to a maximum amount for oasdi.
(for 2023, the tax limit was $160,200. For 2024, the amount is $168,600, for a total tax of $10,453.20.
This Amount Is Also Commonly Referred To As The Taxable Maximum.
Fica tax rates are statutorily set and.
The Rate Is For Both Employees And Employers, According To The Internal Revenue Code.
Fica tax consists of two parts:
Fica Tax Limit 2024 Images References :
Learn About Fica For 2024, Covering Social Security And Medicare Taxes.
The current tax structure under the simplified tax regime features multiple brackets.
We Call This Annual Limit The Contribution And Benefit Base.
