Oasdi Wage Base 2024. The internal revenue service has announced an increase in the social security wage base to $168,600, up from $160,000. We’re talking about a 6.2% tax rate that bosses need to withhold from employee wages until you hit the social security wage.
As a result, in 2024 you’ll pay no more than $10,453 ($168,600 x 6.2%) in social security taxes. The social security administration has announced the social security tax wage base for 2024 will be $168,600, an increase of $8,400 from the $160,200 figure used in 2023.
This Threshold, Referred To As The Social Security Wage Base, Means That If You Earn More Than $168,600 In 2024, You Won't Pay Oasdi Tax On The Amount Above That.
Only the social security tax has a wage base limit.
The Amount, An Increase From $160,200 In 2023, Is The Wage Base Limit That Applies To Earnings Subject To The 6.2% Oasdi Tax (Old Age, Survivors, And Disability Insurance).
The estimated social security taxable wage base has been released.
At Or Above The Wage Base Limit, Employees.
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The Estimated Social Security Taxable Wage Base Has Been Released.
This threshold, referred to as the social security wage base, means that if you earn more than $168,600 in 2024, you won't pay oasdi tax on the amount above that.
You Can Get A Jump On Some Aspects Of Planning For 2024:
For 2024, the social security tax limit is $168,600 (up from $160,200 in 2023).
This Amount Is The Wage Base Limit That Applies To Earnings Subject To The 6.2% Oasdi Tax (Old Age, Survivors And Disability Insurance).