Maximum Social Security Withholding 2024. Workers earning less than this limit pay a 6.2% tax on their earnings. This is considerably lower than the maximum monthly benefit, which is $4,873.
This amount is also commonly referred to as the taxable maximum. You will need to file a return for the 2024 tax year:
The Maximum Amount Of Social Security Tax An Employee Will Have Withheld From Their Paycheck In 2024 Will Be $10,453.20 ($168,600 X 6.2%).
For 2024, an employer must withhold:
In 2024, The Maximum Social Security Benefit Is $4,873 Per Month.
For 2024, the social security tax limit is $168,600.
This Means The Maximum Possible Social Security Withholding In 2024 Is.
Images References :
In 2024, The Maximum Amount Of Earnings On Which You Must Pay Social Security Tax Is $168,600.
I.e., 6.20% × $168,600), plus;
What Is The Maximum Possible Social Security Benefit In 2024?
The rate of social security tax on taxable wages is 6.2% each for the employer and employee.
The Social Security Wage Cap Is $168,600 In 2024, Up From $160,200 In 2023.