Max Social Security Tax 2024 Withholding Tax. As its name suggests, the social security tax goes to the social security program. You file a federal tax return as an individual and your combined income is between $25,000 and $34,000.
The maximum earnings subject to the social security payroll tax will increase by nearly 9%, the social security administration announced. The social security administration (ssa) announced that the maximum earnings subject to social security (oasdi) tax will increase from $160,200 to $168,600 in 2024 (an increase of $8,400).
The Limit For 2023 And 2024 Is $25,000 If You Are A Single Filer, Head Of Household Or Qualifying Widow Or Widower With A Dependent Child.
There is no maximum earnings amount for medicare tax.
New Tax Regime (Post Budget 2024):
This amount is known as the “maximum taxable earnings” and changes each year.
Max Social Security Tax 2024 Withholding Tax Images References :
The Maximum Earnings That Are Taxed Have Changed Through The Years As Shown In The Chart Below.
The maximum earnings subject to the social security payroll tax will increase by nearly 9%, the social security administration announced.
That’s What You Will Pay If You Earn $168,600 Or More.
So, for 2024 employers must withhold the following amounts: