2024 Max Social Security Tax Withholding Means. For 2024, the fica tax rate for employers will be 7.65% โ 6.2% for social security and 1.45% for medicare (the same as in 2023). Only the social security tax has a wage base limit.
The social security administration (ssa) announced that the maximum earnings subject to social security (oasdi) tax will increase from $160,200 to $168,600 in 2024 (an increase of $8,400). For earnings in 2024, this base is $168,600.