Oasdi Limit 2024 Wage Base Period. In 2024, this limit rises to $168,600, up from the 2023. For 2024, the oasdi tax rate is set at 6.2% of net earnings for social security coverage and 1.45% for medicare coverage (a total of 7.65%).
Oasdi tax, also known as social security tax, is collected from paychecks to fund the social security program. In 2024, this limit rises to $168,600, up from the 2023.
The Wage Base For 2024 Is $168,600.
Fast forward to 2023, and itโs $160,200.
The Maximum Withholding Wage Base Has Increased From $160,200 To $168,600 To Coincide With The 2024 Federal Oasdi Wage Base.
The maximum social security employer contribution will increase by $520.80 in 2024.
Oasdi Limit 2024 Wage Base Period Images References :
The Maximum Social Security Employer Contribution Will Increase By $520.80 In 2024.
There are no longer two taxable wage bases.
Only Withhold And Contribute Social Security Taxes Until An Employee Earns Above The Wage.
Back in 1937 when social security tax started, the wage base limit was a mere $3,000.