Jan 03, 2024

2024 Social Security Wage Base Update

The wage base limit is the maximum wage that is subject to Social Security tax for that year. In 2023, the Social Security Wage base was $160,200 and is increasing to $168,600 for 2024. The Social Security Tax Rate is unchanged at 6.2% for the Employee Share and 6.2% for the Employer Share.

Medicare is also unchanged, at 1.45%, with no wage base cap, and an additional 0.9% on all taxable wages over $200,000.

Most payroll software makes these wage-based updates automatically, so please ensure your software is up to date!  If you have any questions, please reach out to your BMSS professional or a member of the Client Accounting Solutions team at (833) CPA-BMSS.