Maximum Social Security Payroll Tax 2024. 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). 6.2% social security tax on the first.
This amount is also commonly referred to as the taxable maximum. 6.2% social security tax on the first.
Workers Earning Less Than This Limit Pay A 6.2% Tax On Their Earnings.
For 2024, an employer must withhold:
Fica Is A Payroll Tax That Goes Toward Funding Social Security And Medicare.
For 2024, the social security tax limit is $168,600.
What Is The New Maximum Earnings Cap For Payroll Taxes?
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The Maximum 2024 Social Security Component Of The Federal Insurance Contributions Act Tax Payable By Each Employee Will Be $10,453.20, Or 6.2% Of The.
Workers earning less than this limit pay a 6.2% tax on their earnings.
For 2024, The Social Security Tax Limit Is $168,600.