Oasdi Limit 2024 Estimate. This amount is also commonly referred to as the taxable maximum. For this calculation we have used the maximum tax rate bracket for 2024 of 39.6% (althought that my change if the bush tax cuts are extended).
Earnings beyond this threshold are exempt from further oasdi taxation. This amount is also commonly referred to as the taxable maximum.
Base For 2024 Under The Above Formula, The Base For 2024 Shall Be The 1994 Base Of.
Social security tax limit for 2023 is set to jump from $147k to a whopping $160.2k.
In 2022, The Cap Is Set At $147,000, Rising To $160,200 In 2023.
The estimated social security taxable wage base has been released.
You Can Get A Jump On Some Aspects Of Planning For 2024:
Images References :
For Earnings In 2024, This Base Is $168,600.
The oasdi limit in 2024 is $168,600, up $8,400 from 2023.
2023 And 2024 Trustees Reports.
For 2023, the social security tax is 6.2% for both employees and employers.
Incidentally, There Is No Limit To The Medicare Tax, Which Is Currently Levied At A Rate.