Social Security Employee Tax Cap 2024. For 2024, an employer must withhold: Last updated 17 may 2024.
If you work for someone other than yourself, social security taxes are deducted from your paycheck. An employee will pay a total of $10,453.2 in social security tax ($168,600 x 6.2 percent );.
Penalties For Missed Or Late Payments.
The table below shows the annual increases in the social security tax cap from 2010 through 2024.
Maximum Social Security Tax For 2024.
For 2024, the social security tax limit is $168,600.
For 2024, An Employee Will Pay:
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Getty Images) By Kelley R.
The maximum amount of income subject to the oasdi tax is $168,600 in 2024, capping the maximum annual employee contribution at.
If You Are Working, There Is A Limit On The Amount Of Your Earnings That Is Taxed By Social Security.
The maximum amount of social security tax an employee will have withheld from their paycheck in 2024 is $10,453.20 ($168,600 x 6.2%).