Social Security Wage Base Increases to $168,600 for 2024

The Social Security Administration (SSA) announced on Thursday, October 12, that the 2024 social security wage base will be $168,600, which is an increase of $8,400 from $160,200 in 2023 [SSA, Press Release, 10-12-23]. The SSA Fact Sheet is available at https://www.payroll.org/docs/default-source/irs-and-ssa-announcements/23k12-2024-Social-Security-Fact-Sheet.pdf.

Maximum social security tax. The maximum social security tax employees and employers will each pay in is $10,453.20, an increase of $520.80 from $9,932.40 in 2023.

For more information, see the PayrollOrg Compliance Update. Compliance updates are emailed to PayrollOrg members and are also available on the Compliance Updates webpage.

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Jyme Mariani, Esq., is Managing Editor of Payroll Currently and Senior Manager of Payroll Information Resources for PayrollOrg.