Oasdi Max In 2024. Individual taxable earnings of up to $168,600 annually will be subject to social security tax in 2024, the social security administration (ssa) announced thursday. The maximum income on which you’ll pay oasdi taxes for the 2024 tax year is $168,600 (up from $160,200 in 2023).
This is up from $9,932.40 ($160,200 x 6.2%) in 2023. 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).
In 2024 The First $168,600 Of Earnings Is Subject To Social Security Tax.
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:
The Wage Base Or Earnings Limit For The 6.2% Social Security Tax Rises Every Year.
This is up from $9,932.40 ($160,200 x 6.2%) in 2023.
Oasdi Max In 2024 Images References :
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 wage base changes each year, with an adjustment based on the national average wage index, with wage increases outpacing previous years in large part due to high inflation rates.
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 the first $168,600 of earnings is subject to social security tax.