2024 Social Security Wage Base Limit. For 2024, the sdi withholding rate increases to 1.1 percent. The wage base or earnings limit for the 6.2% social security tax rises every year.
Those limits change from year to year, but in 2024, the base limit is $22,320, up from $21,240 in 2023. The internal revenue service has announced an increase in the social security wage base to $168,600, up from $160,000.
So, For 2024 Employers Must Withhold The Following Amounts:
We call this annual limit the contribution and benefit base.
This Amount Is Known As The.
The social security wage base —.
Using The “Intermediate” Projections, The Board Projects The Social Security Wage Base Will Be $167,700 In 2024 (Up From $160,200 This Year) And Will Increase To.
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The Internal Revenue Service Has Announced An Increase In The Social Security Wage Base To $168,600, Up From $160,000.
The 2024 social security wage base is $168,600, up from the 2023 limit of $160,200.
This Limit Changes Each Year With Changes In The National Average Wage Index.
For earnings in 2024, this base is $168,600.
In 2023, The Maximum Taxable Wage Base For Sdi Was $153,164 And The Sdi Tax Rate Was 0.9 Percent.