Fica Cap 2024 Amount. What is the fica rate for 2024? We call this annual limit the contribution and benefit base.
This limit, known as the wage base limit, changes yearly based on inflation. Social security tax must be withheld at 6.2% until employees’ wages reach this limit.
These Caps Reflect The Fact That Your Ultimate.
The maximum fica tax rate for 2024 is 6.2%.
Fica Tax Operates As A Payroll.
The rate is for both employees and employers, according to.
For Earnings In 2024, This Base Is $168,600.
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[4] For Both Years, There Is An Additional 0.9%.
In 2023, only the first $160,200 of your earnings are subject to the social security tax.
Did 2024 Payroll Taxes Go Up?
This is up from $9,932.40.
The Social Security Tax Rate Is 12.4% Of The Employee’s Gross Income, Up To A Certain Income Limit.