Social Security Wage Base 2024 Projection Chart. Social security and supplemental security income (ssi) benefits for more than 71 million americans will increase 3.2 percent in 2024. A chart showing details, and limits from 1996 to 2024, can be found at this link.
The internal revenue service has announced an increase in the social security wage base to $168,600, up from $160,000. After an employee earns above the annual wage base, do not withhold.
For 2024, the fica tax rate for employers will be 7.65% — 6.2% for social security and 1.45% for medicare (the same as in 2023).
The social security wage base will rise in 2024 to $168,600, a 5.2% increase from its 2023 wage base of $160,200.
But it’s still below the 3.2% increase afforded to social security recipients in 2024, and nowhere near the 8.7% and 5.9% increases for 2023 and 2022’s recipients,.
So if a person reaches age 62 in 2024, then 2024.
