Social Security Withholding Rate For 2024

Social Security Withholding Rate For 2024. The current tax rate for social security is 6.2% for the employer and 6.2% for the employee, or 12.4% total. Recently, the social security administration announced that the wage base for computing social security tax will increase to $168,600 for 2024, which is up from.

So, if you earned more than $160,200 this last year, you didn’t have to. 71.6 million people received benefits from programs administered by the social security administration (ssa) in 2023.