The oasdi tax rate for wages paid in 2024 is set by statute at 6.2 percent for employees and. The social security administration (ssa) announced that the maximum earnings subject to social security (oasdi) tax will increase from $160,200 to $168,600.
The oasdi payroll tax is imposed on earnings creditable for social security purposes up to an annual taxable maximum amount ($168,600 in 2024) that ordinarily increases each. This is also called the taxable maximum, meaning that any income above this limit is not subject to oasdi taxes.
Last Year, The Maximum Taxable Earnings For The Oasdi Tax Was $160,200.
Keep in mind that this income limit applies only to the social.
The Annual Limit — Called The Contribution And Benefit Base — Does Change Annually With The Updates Based On The National Average Wage Index.
What is the social security limit?
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Understanding This Number Is More Than Just Ticking A Box For The Sake Of It;.
For earnings in 2024, this base is $168,600.
This Amount Changes Each Year — The Annual Oasdi Limit For 2024 Is $168,600.
Last year, the maximum taxable earnings for the oasdi tax was $160,200.