Social Security Employee Tax Maximum 2024 Amount. We raise this amount yearly to keep pace with increases in average wages. The tax rate for an employee's portion of the social security tax is 6.2%.
Of course, both employers and employees pay the 6.2% social security tax rate, which means there could be a max payment next year of: For example, in 2024, if you want to receive the maximum social security amount when you retire, you’ll need to make at least $168,800 annually, an $8,400.
The Most You Will Have To Pay In Social Security Taxes For 2024 Will Be $10,453.
That’s what you will pay if you earn $168,600 or more.
For Employees, The Maximum Social Security Tax In 2024 Is The Product Of The Tax Rate (6.2%) And The Maximum Taxable Earnings ($147,000).
We raise this amount yearly to keep pace with increases in average wages.
Social Security Employee Tax Maximum 2024 Amount Images References :
The Oasdi Tax Rate For Wages Paid In 2024 Is Set By Statute At 6.2 Percent For Employees And Employers, Each.
For 2024, the social security tax limit is $168,600.
For Example, In 2024, If You Want To Receive The Maximum Social Security Amount When You Retire, You'll Need To Make At Least $168,800 Annually, An $8,400.
The social security administration limits the amount of employee earnings that are subjected to social security tax each year.