Social Security wage base Increase

The Social Security wage base for employees and self-employed people is increasing in 2024

Employees, Federal Taxes, Medicare Taxes, Self Employed, Self Employment Tax, Social Security, Social Security & Medicare (FICA) taxes, Taxes 2024 / Douglas Freeman

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $168,600 for 2024 (up from $160,200 for 2023). Wages and self-employment income above this threshold aren’t subject to Social Security tax. Basic details. The Federal Insurance Contributions Act (FICA) imposes two taxes on employers, employees, and self-employed […]

The Social Security wage base for employees and self-employed people is increasing in 2024 Read More »

Employers: In 2023, the Social Security wage base is going up

Employees, Medicare Taxes, Social Security, Social Security & Medicare (FICA) taxes, Social Security Administration / Douglas Freeman

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $160,200 for 2023 (up from $147,000 for 2022). Wages and self-employment income above this threshold aren’t subject to Social Security tax. Basics about Social Security The Federal Insurance Contributions Act (FICA) imposes two taxes on employers, employees

Employers: In 2023, the Social Security wage base is going up Read More »